Question

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 400 Unearned Training Fees Unadi. Bal. Prepaid Rent 2,015 Unadi Bal. 2,015 e in Adj. Bal 0 Adj. Bal 0 Professional Library T. Wells, Capital Unadi, Unadi.

Answer 1

Wells Technical Institute T Accounts Date Debit Date Credit Credit Cash Date Debit Date Equipment Unadj Bal $ 70,500 Unadj Bal $ 26,189 Adj Bal $ 26,189 Accounts Receivable Unadj Bal $ 31-Dec $ 11,500 Adj Bal $ 70,500 Accum. Depr. - Equipment Unadj Bal $ 16,117 31-Dec $ 15,458 Adj Bal $ 11,500 Teaching Supplies $ 10,071 31-Dec $ Adj Bal $ 31,575 Accounts Payable Unadj Bal $32,340 Unadj Bal 6,722 Adj Bal Adj Bal $ 3,349 Prepaid Insurance $ 15,110 31-Dec $ $ 32,340 Salaries Payable Unadj Bal $ 31-Dec $ 400 Unadj Bal 3,864 Adj Bal $ 11,246 Prepaid Rent $ 2,015 31-Dec $ Adj Bal $ 400 Unearned Training Fees Unadj Bal $ 15,000 31-Dec $ 6,000 Unadj Bal 2,015 Adj Bal $ Professional Library $ 30,217 Adj Bal $ 9,000 1. Wells, Capital Unadj Bal $ 64,062 Unadj Bal Adj Bal $ 30,217 Adj Bal $ 64,062 Accum. Depr. - Professional Library 1. Wells, Withdrawals Unadj Bal $ 9,066 Unadj Bal $ 40,291 31-Dec $ 7,729 Adj Bal $ 16,795 Adj Bal $ 40,291 Tuition fees earned Rent expense Unadj Bal $ 102,740 Unadj Bal $ 22,165 31-Dec $ 11,500 31-Dec $ 2,015 Adj Bal $ 114,240 Adj Bal $ 24,180 Training fees earned Teaching Supplies expense Unadj Bal $ 38,275 Unadj Bal $ 31-Dec $ 6,000 31-Dec $ 6,722 Adj Bal $ 44,275 Adj Bal $ 6,722 Depreciation expense-Professional Library Advertising expense Unadj Bal $ Unadj Bal $ 7,051 31-Dec $ 7,729 Adj Bal $ 7,051 Utilities expense Adj Bal $ 7,729 Depreciation expense-Equipment Unadj Bal $ 31-Dec $ 15,458 Unadj Bal $ 5,641 Adj Bal $ 15,458 Salaries expense Unadj Bal $ 48,350 31-Dec $ 400 Adj Bal $ 5,641 Insurance expense Unadj Bal $ 31-Dec $ 3,864 Adj Bal $ 48,750 Adj Bal $ 3,864

114,240 44,275 158,515 Wells Technical Institute Income Statement For Year Ended December 31 Revenues Tuition fees eanred Training fees eanred Total Revenues Expenses Depreciation expense- Prof Library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching Supplies expense Advertising expense Utilities expense Total Expenses Net Income 7,729 15,458 48,750 3,864 24,180 6,722 7,051 5,641 119,395 39,120 Statement of Owners Equity For Year Ended December 31 T. Wells, Capital, Dec 31, prior year end Add: Net Income 64,062 39,120 103,182 (40,291) 62,891 Less: Withdrawals T. Wells, Capital, Dec 31, current year end

Wells Technical Institute Balance Sheet As of December 31, 2017 Assets Current Assets Cash Accounts Receivable Teaching Supplies Prepaid Insurance Prepaid Rent Total Current Assets 26,189 11,500 3,349 11,246 52,284 30,217 (16,795) 13,422 Fixed Assets Professional Library Accumulated Depreciation-Professional Library Professional Library, Net Equipment Accumulated Depreciation Equipment Equipment, Net Net Fixed Assets Total Assets 70,500 (31,575) 38,925 52,347 104,631 Liabilities & Equity Current Liabilities Accounts Payable Salaries Payable Unearned Training Fees Total Current Liabilities 32,340 400 9,000 41,740 Equity Capital Total Liabilities & Equity 62,891 104,631