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, 2022, is found on the trial balance tab. 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 follow.
- Wells Technical Institute Wti A School Owned By Tristan Wells Provides Training To Individuals Who Pay Tuition Direc 1 (227.46 KiB) Viewed 54 times
Journal entry worksheet 1 2 3 4 5 6 7 8 An analysis of WTI's insurance policies shows that $2,400 of coverage has expired. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Clear entry View general journal Record entry V
Journal entry worksheet < 1 2 3 4 5 6 7 8 An inventory count shows that teaching supplies costing $2,800 are available at year-end. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Clear entry View general journal Record entry >
Journal entry worksheet < 1 2 3 Annual depreciation on the equipment is $13,200. Note: Enter debits before credits. Date Account Title Dec 31 Clear entry Record entry 4 5 6 7 8 Debit Credit View general journal >
Journal entry worksheet < 1 1 2 3 4 5 6 7 8 Annual depreciation on the professional library is $7,200. Note: Enter debits before credits. Date Account Title Dec 31 Clear entry Record entry Debit Credit View general journal
Midterm Exam Rewrite Juuman entry worksheet 1 2 3 4 5 6 7 8 On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,500, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Clear entry View general journal Record entry 7
Journal entry worksheet < 1 1 2 3 4 5 6 7 8 On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $7,500 of the tuition has been earned by WTI. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Clear entry View general journal Record entry >
Journal entry worksheet < 1 2 3 4 5 6 7 8 WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Clear entry View general journal Record entry >
Journal entry worksheet < 1 1 2 3 4 5 6 7 8 The balance in the Prepaid Rent account represents rent for December. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Clear entry View general journal Record entry >
Unadjusted Current assets Plant assets Current liabilities Assets Wells Technical Institute Balance Sheet December 31, 2022 Liabilities Equity $ $ $ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $ $ $ $ 0 0 0 0 0 0 0 0