all the information is all the same from the first picture.
Homework Answers
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| Wells Technical Institute | ||
| Adjusting Entries | ||
| Account | Debit $ | Credit $ |
| Insurance Expense | 3,071.00 | |
| Prepaid Insurance | 3,071.00 | |
| Supplies Expense | 8,164.00 | |
| Teaching Supplies | 8,164.00 | |
| Depreciation- Professional Library | 6,142.00 | |
| Accumulated Depreciation- Professional Library | 6,142.00 | |
| Depreciation- Equipment | 12,285.00 | |
| Accumulated Depreciation- Equipment | 12,285.00 | |
| Unearned Training Fees | 4,800.00 | |
| Training Fees earned | 4,800.00 | |
| Accounts Receivable | 9,100.00 | |
| Tuition Fees Earned | 9,100.00 | |
| Salaries Expense | 400.00 | |
| Salaries Payable | 400.00 | |
| Rent Expense | 2,166.00 | |
| Prepaid Rent | 2,166.00 |
| Adjusted Trial Balance | Unadjusted | Adjustments | Adjusted | |||
| Account Titles | Debit | Credit | Debit | Credit | Debit | Credit |
| Cash | 28,151.00 | 28,151.00 | ||||
| Accounts Receivable | 9,100.00 | 9,100.00 | ||||
| Teaching Supplies | 10,826.00 | 8,164.00 | 2,662.00 | |||
| Prepaid Insurance | 16,242.00 | 3,071.00 | 13,171.00 | |||
| Prepaid Rent | 2,166.00 | 2,166.00 | - | |||
| Professional Library | 32,481.00 | 32,481.00 | ||||
| Accumulated Depreciation- Professional Library | 9,746.00 | 6,142.00 | 15,888.00 | |||
| Equipment | 75,784.00 | 75,784.00 | ||||
| Accumulated Depreciation- Equipment | 17,325.00 | 12,285.00 | 29,610.00 | |||
| Accounts Payable | 38,886.00 | 38,886.00 | ||||
| Salaries Payable | 400.00 | 400.00 | ||||
| Unearned Training Fees | 12,000.00 | 4,800.00 | 7,200.00 | |||
| T. Wells Capital | 68,862.00 | 68,862.00 | ||||
| T. Wells Withdrawals | 43,310.00 | 43,310.00 | ||||
| Tuition Fees Earned | 110,438.00 | 9,100.00 | 119,538.00 | |||
| Training Fees Earned | 41,143.00 | 4,800.00 | 45,943.00 | |||
| Depreciation- Professional Library | 6,142.00 | 6,142.00 | ||||
| Depreciation- Equipment | 12,285.00 | 12,285.00 | ||||
| Salaries Expense | 51,972.00 | 400.00 | 52,372.00 | |||
| Insurance Expense | 3,071.00 | 3,071.00 | ||||
| Rent Expense | 23,826.00 | 2,166.00 | 25,992.00 | |||
| Teaching Supplies Expense | 8,164.00 | 8,164.00 | ||||
| Advertising Expense | 7,579.00 | 7,579.00 | ||||
| Utilities Expense | 6,063.00 | 6,063.00 | ||||
| Total | 298,400.00 | 298,400.00 | 46,128.00 | 46,128.00 | 326,327.00 | 326,327.00 |
| Answer 3 b | |
| Statement of Owner's Equity | Amount $ |
| Opening Balance | 68,862.00 |
| Add: Profit | 43,813.00 |
| Less: Withdrawals | 43,310.00 |
| Closing balance | 69,365.00 |
| Answer 3 c |
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Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3 The following information applies to the questions displayed below.] 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...
Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P5, P6 [The following information applies to the questions displayed below.) 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...
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...
Required information (The following information applies to the questions displayed below.] 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...
have another question similar this is part 2
Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P6 (The following information applies to the questions displayed below) 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 prepa. revenues in balance sheet accounts. Its unadjusted trial balance as...
Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3 The following information applies to the questions displayed below.] 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...
Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P6 (The following information applies to the questions displayed below.) Wells Technical Institute (WT), a school owned by Tristana Wells, provides training to individuals who pay tultion 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...
Additional Information Items a. An analysis of WTI's insurance policies shows that $3,203 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,776 are available at year-end. c. Annual depreciation on the equipment is $12,814. d. Annual depreciation on the professional library is $6,407. e. On September 1, WTI agreed to do five courses for a client for $2,300 each. Two courses will start immediately and finish before the end of the year. Three courses will...
Reg 2A Reg 2B Post the balance from the unadjusted trial balance and the adjusting entries in to the T- accounts. Cash Equipment Unadi. 26,189 Unadi. Bal. Bal. 70,500 Adj. Bal. 26.189 Adj. Bal. 70.500 Accounts Receivable Accumulated Depreciation- Equipment Unadi Bal. Unadi. Bal. 16,117 Adj. Bal. Adj. Bal. 16.117 Teaching Supplies Accounts Payable Unadj. Bal. Unadi Bal. b Adj. Bal. 0 Adj. Bal. 0 Salaries Payable Unadi. Bal. Prepaid Insurance 15,110 Unadj. Ball 19 Adj. Bal. 15,110 Adj. Bal...
Post the balance from the unadjusted trial balance and the
adjusting entries in to the T-accounts.
[The following information applies to the questions
displayed below.]
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...