Requirement 2A
Transaction | General Journal | Debit | Credit |
a | Insurance expense | $3,071 | |
Prepaid insurance | $3,071 | ||
[To record insurance expense] | |||
b | Teaching Supplies expense [10,768-2,662] | $8,106 | |
Teaching Supplies | $8,106 | ||
[To record supplies expense] | |||
c | Depreciation expense-Equipment | $12,285 | |
Accumulated depreciation-Equipment | $12,285 | ||
[To record depreciation expense on equipment] | |||
d | Depreciation expense-professional library | $6,142 | |
Accumulated depreciation-professional library | $6,142 | ||
[To record depreciation expense on professional library] | |||
e | Unearned training fees | $4,800 | |
Training fees [$2,400 x 2 courses] | $4,800 | ||
[To record fees earned from unearned] | |||
f | Accounts receivable | $9,100 | |
Tuition fees earned [$3,640 x 2.5 months] | $9,100 | ||
[To record accrued tuition fees earned] | |||
g | Salaries expense [$100 x 2 days x 2 employees] | $400 | |
Salaries payable | $400 | ||
[To record accrued salaries] | |||
h | Rent Expense | $2,155 | |
Prepaid rent | $2,155 | ||
[To record rent expense] |
Requirement 2B:
Cash | Equipment | |||||||
Unadj. Bal. | $28,000 | Unadj. Bal. | $75,368 | |||||
Adj. Bal. | $28,000 | Adj. Bal. | $75,368 | |||||
Accounts receivable | Accumulated Depreciation-Equipment | |||||||
Unadj. Bal. | $0 | Unadj. Bal. | $17,232 | |||||
f | $9,100 | c | $12,285 | |||||
Adj. Bal. | $9,100 | Adj. Bal. | $29,517 | |||||
Teaching Supplies | Accounts payable | |||||||
Unadj. Bal. | $10,768 | Unadj. Bal. | $38,613 | |||||
b | $8,106 | |||||||
Adj. Bal. | $2,662 | Adj. Bal. | $38,613 | |||||
Prepaid insurance | Salaries payable | |||||||
Unadj. Bal. | $16,155 | Unadj. Bal. | $0 | |||||
a | $3,071 | g | $400 | |||||
Adj. Bal. | $13,084 | Adj. Bal. | $400 | |||||
Prepaid rent | Unearned training fees | |||||||
Unadj. Bal. | $2,155 | Unadj. Bal. | $12,000 | |||||
h | $2,155 | e | $4,800 | |||||
Adj. Bal. | $0 | Adj. Bal. | $7,200 | |||||
Professional library | T.Wells, Capital | |||||||
Unadj. Bal. | $32,307 | Unadj. Bal. | $68,493 | |||||
Adj. Bal. | $32,307 | Adj. Bal. | $68,493 | |||||
Accumulated depreciation-Professional library | T. Wells, Withdrawals | |||||||
Unadj. Bal. | $9,693 | Unadj. Bal. | 43078 | $82,000 | ||||
d | $6,142 | |||||||
Adj. Bal. | $15,835 | Adj. Bal. | $82,000 | |||||
Tuition fees | Dividends | |||||||
Unadj. Bal. | $109,846 | Unadj. Bal. | ||||||
f | $9,100 | |||||||
Adj. Bal. | $118,946 | Adj. Bal. | $0 | |||||
Training fees | Rent expense | |||||||
Unadj. Bal. | $40,923 | Unadj. Bal. | $23,705 | |||||
e | $4,800 | h | $2,155 | |||||
Adj. Bal. | $45,723 | Adj. Bal. | $25,860 | |||||
Depreciation expense-Professional library | Teaching supplies expense | |||||||
Unadj. Bal. | $0 | Unadj. Bal. | $0 | |||||
d | $6,142 | b | $8,106 | |||||
Adj. Bal. | $6,142 | Adj. Bal. | $8,106 | |||||
Depreciation expense-Equipment | Advertising expense | |||||||
Unadj. Bal. | $0 | Unadj. Bal. | $7,539 | |||||
c | $12,285 | |||||||
Adj. Bal. | $12,285 | Adj. Bal. | $7,539 | |||||
Salaries expense | Utilities expense | |||||||
Unadj. Bal. | $51,694 | Unadj. Bal. | $6,031 | |||||
g | $400 | |||||||
Adj. Bal. | $52,094 | Adj. Bal. | $6,031 | |||||
Insurance expense | ||||||||
Unadj. Bal. | $0 | |||||||
a | $3,071 | |||||||
Adj. Bal. | $3,071 | |||||||
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay...
Wells Technical Institute (WTI), a school owned by Tristana
Wells, provides training to individuals who pay tuition directly to
the school. WTI also offers training to groups in off-site
locations. Its unadjusted trial balance as of December 31, 2018,
follows. WTI initially records prepaid expenses and unearned
revenues in balance sheet accounts. Descriptions of items
a through h that require adjusting entries on
December 31, 2018, follow.
Additional Information Items
An analysis of WTI's insurance policies shows that $3,732...
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTl initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items a. An analysis of WT's insurance policies shows that $2,939 of...
Wells Technical Institute (WTI), a school owned by Tristana
Wells, provides training to individuals who pay tuition directly to
the school. WTI also offers training to groups in off-site
locations. Its unadjusted trial balance as of December 31, 2017,
follows. WTI initially records prepaid expenses and unearned
revenues in balance sheet accounts. Descriptions of items
a through h that require adjusting entries on
December 31, 2017, follow.
Additional Information Items
An analysis of WTI's insurance policies shows that $2,674...
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2017, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2017, follow. Additional Information Items An analysis of WTI's insurance policies shows that $4,129 of...
Wells Technical Institute (WTI), a school owned by Tristana
Wells, provides training to individuals who pay tuition directly to
the school. WTI also offers training to groups in off-site
locations. Its unadjusted trial balance as of December 31, 2018,
follows. WTI initially records prepaid expenses and unearned
revenues in balance sheet accounts. Descriptions of items
athrough h that require adjusting entries on
December 31, 2018, follow.
Additional Information Items
An analysis of WTI's insurance policies shows that $2,400 of...
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off- site locations. Its unadjusted trial balance as of December 31, 2015, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2015, follow. Additional Information Items a. An analysis of WTI's insurance policies shows that...
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items An analysis of WTI's insurance policies shows that $3,864 of coverage...
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items An analysis of WTI's insurance policies shows that $2,939 of coverage...
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items An analysis of WTI's insurance policies shows that $3,996 of coverage...
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through h that require adjusting entries on December 31. Additional Information a. An analysis of WTI's insurance policies shows that $2,400 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,800...