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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. WTl initially records prepaid expenses and uncerned revenues in balance sheet accounts. Its unadjusted trial balonce os of December 31 follows along with descriptions of tems through that require adjusting entries on December 31 Additional Information Items a. An analysis of Wis insurance policies shows that $2.400 of coverage has expired b. An inventory count shows that teaching supplies costing $2.800 are available at year end c. Annual depreciation on the equipment is $13,200. d. Annual depreciation on the professional library is $7.200 e. On September LWT agreed to do five courses for a client for $2.500 each. Two courtes start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $12.500 cosh in advance for all five courses on September and WTI credited Uneamed Training Fees On October 15 WT agree to teach a four-month class beginning immediately for an execSVE with payment dues the end of the class At December 31, $7.500 of the tuition has been ered by WTE 9. WTis two employees are paid weekly. As of the end of the year, two days claries have accrued at the rate of $100 per day for each employee h. The balance in the Prepaid Rent account represents rent for December WELLS TOWNICAL INSTITUTE Usadjusted trial balance December 11 Benin Credit 1. $10.000 0.000 ACEs receivable Teaching supplies Prepaid insurance Prepaid Professional Library Alated depreciation rofessional Library Related depreciation Equipment Eccounts payable Salaries gayable cand training fees Con stock Dividends Tuition fees carne Training fees earned Depreciation pense Professional library Depreciation wense-quent 15. 25. 12. 10.000 90.000 50.000 121. 40.000 Teaching eplies pense Adverting expense 33.000 0 6.400 2 a Pout the balance from the unedusted til balance and the adjusting entries into the accounts 2.b. Prepare an adjusted til balonce Complete this question by entering your answers in the tabs below Reg 2 34. DOO Equmes

Answer 1

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Wells Technical Institute
Adjusting Entries
Account	Debit $	Credit $
Insurance Expense	2,400.00
Prepaid Insurance		2,400.00
Supplies Expense	5,200.00
Teaching Supplies		5,200.00
Depreciation- Professional Library	7,200.00
Accumulated Depreciation- Professional Library		7,200.00
Depreciation- Equipment	13,200.00
Accumulated Depreciation- Equipment		13,200.00
Unearned Training Fees	5,000.00
Training Fees earned		5,000.00
Accounts Receivable	7,500.00
Tuition Fees Earned		7,500.00
Salaries Expense	400.00
Salaries Payable		400.00
Rent Expense	3,000.00
Prepaid Rent		3,000.00

J K L M N Taccounts Cash Credit Date Account 31-Dec-18 Balance Debit 34,000.00 Balance 34,000.00 Accounts Receivable Debit Credit Balance Date Account 31-Dec-18 Balance 31-Dec-18 Tuition Fees Earned 7,500.00 7,500.00 Teaching Supplies Date Account 31-Dec-18 Balance 31-Dec-18 Supplies Expense Debit 8,000.00 Credit Balance 8,000.00 5,200.00 2,800.00 Prepaid Insurance Credit Date Account 31-Dec-18 Balance 31-Dec-18 Insurance Expense Debit 12,000.00 Balance 12,000.00 9,600.00 2,400.00 Prepaid Rent Credit Balance Date Account 31-Dec-18 Balance 31-Dec-18 Rent Expense Debit 3,000.00 3,000.00 3,000.00 Professional Library Debit 35,000.00 Date Account 31-Dec-18 Balance Credit Balance 35,000.00

Accumulated Depreciation- Professional Library Date Account Debit Credit 31-Dec-18 Balance 10,000.00 31-Dec-18 Depreciation- Professional Library 7,200.00 Balance 10,000.00 17,200.00 Equipment Credit Date Account 31-Dec-18 Balance Debit 80,000.00 Balance 80,000.00 Accumulated Depreciation- Equipment Date Account Debit 31-Dec-18 Balance 31-Dec-18 Depreciation Equipment Credit 15,000.00 13,200.00 Balance 15,000.00 28,200.00 Accounts Payable Debit Date Account 31-Dec-18 Balance Credit 26,000.00 Balance 26,000.00 Salaries Payable Debit Date Account 31-Dec-18 Salaries Expense Credit 400.00 Balance 400.00 Unearned Training Fees Debit Date Account 31-Dec-18 Balance 31-Dec-18 Training Fees earned Credit 12,500.00 Balance 12,500.00 7,500.00 5,000.00

Common Stock Debit Dat

Adjusted Trial Balance	Unadjusted	Adjustments	Adjusted
Account Titles	Debit	Credit	Debit	Credit	Debit	Credit
Cash	34,000.00				34,000.00
Accounts Receivable			7,500.00		7,500.00
Teaching Supplies	8,000.00			5,200.00	2,800.00
Prepaid Insurance	12,000.00			2,400.00	9,600.00
Prepaid Rent	3,000.00			3,000.00	-
Professional Library	35,000.00				35,000.00
Accumulated Depreciation- Professional Library		10,000.00		7,200.00		17,200.00
Equipment	80,000.00				80,000.00
Accumulated Depreciation- Equipment		15,000.00		13,200.00		28,200.00
Accounts Payable		26,000.00				26,000.00
Salaries Payable				400.00		400.00
Unearned Training Fees		12,500.00	5,000.00			7,500.00
Common Stock		10,000.00				10,000.00
Retained Earnings		80,000.00				80,000.00
Dividends	50,000.00				50,000.00
Tuition Fees Earned		123,900.00		7,500.00		131,400.00
Training Fees Earned		40,000.00		5,000.00		45,000.00
Depreciation- Professional Library			7,200.00		7,200.00
Depreciation- Equipment			13,200.00		13,200.00
Salaries Expense	50,000.00		400.00		50,400.00
Insurance Expense			2,400.00		2,400.00
Rent Expense	33,000.00		3,000.00		36,000.00
Teaching Supplies Expense			5,200.00		5,200.00
Advertising Expense	6,000.00				6,000.00
Utilities Expense	6,400.00				6,400.00
Total	317,400.00	317,400.00	43,900.00	43,900.00	345,700.00	345,700.00

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