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Required information [The following information applies to the questions displayed below.] Wells Technical Institute (WTI) provides training to individuals who pay tuition directly to the school. WTI also training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balan sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of items a thro h that require adjusting entries on December 31. 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 training courses for a client for $2,400 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $12,000 cash in advance for all five training courses on September 1, and WTI credited Unearned Revenue. f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with paymen due at the end of the class. At December 31, $9,750 of the tuition revenue has been earned by WTI. g. 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.
$100 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 26,944 © 10,362 15,545 2,073 31,088 $ 9,328 99,000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expense-Professional library Denreciation evnense_Faninment 16,582 24,000 12,000 21, 077 84,000 41,452 105,701 39,379 0 a
99,000 16,582 24,000 12,000 21,077 84,000 41,452 Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 105,701 39,379 0 © 49,743 © 22,803 0 7, 254 5,803 $ 312,067 $ 312,067 2-a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. 2-b. Prepare an adjusted trial balance.
su Required information Cash Equipment Unadjusted Balance Unadjusted Balance a 0 Adjusted Balance Adjusted Balance Accounts Receivable Accumulated Depreciation Equipment Unadjusted Balance Unadjusted Balance 0 0 Adjusted Balance Adjusted Balance Teaching Supplies Accounts Payable Unadjusted Balance Unadjusted Balance
Prepaid Insurance Salaries Payable Unadjusted Balance Unadjusted Balance Adjusted Balance 0 Adjusted Balance 0 Prepaid Rent Unearned Revenue Unadjusted Balance Unadjusted Balance 0 0 Adjusted Balance Adjusted Balance Professional Library Common Stock Unadjusted Balance Unadjusted Balance
Retained Earnings Accumulated Depreciation Professional Library Unadjusted Balance Unadjusted Balance Adjusted Balance 0 Adjusted Balance 0 Tuition Revenue Dividends Unadjusted Balance Unadjusted Balance 0 0 Adjusted Balance Adjusted Balance Training Revenue Rent Expense Unadjusted Balance Unadjusted Balance
Training Revenue Rent Expense Unadjusted Balance Unadjusted Balance Adjusted Balance 0 Adjusted Balance 0 Teaching Supplies Expense Depreciation Expense-Professional Library Unadjusted Balance Unadjusted Balance 0 Adjusted Balance Adjusted Balance Advertising Expense Depreciation Expense-Equipment Unadjusted Balance Unadjusted Balance
Required Informaton Advertising Expense Depreciation Expense-Equipment Unadjusted Balance Unadjusted Balance 0 Adjusted Balance Adjusted Balance Salaries Expense Utilities Expense Unadjusted Balance Unadjusted Balance 0 0 Adjusted Balance Adjusted Balance Insurance Expense Unadjusted Balance