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[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 a. An analysis of WTI's insurance policies shows that $3,996 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,464 are available at year-end, c. Annual depreciation on the equipment is $15,986, d. Annual depreciation on the professional library is $7.993. e. On September 1. WTI agreed to do five 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 courses on September 1, and WTI credited Unearned Training Fees. 1. 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, $13,653 of the tuition 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 h. The balance in the Prepaid Rent account represents rent for December. WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Cash Accounts receivable Debit $ 27,094 0 < Prev 15 16 of 20 SHE Next >

Answer 1

Prepaid Insurane Amount Details Amount 15632 a 3996 Details Beg. Bal Amount Insurance expense Amount Details 0 Details Beg. Bal a 3996 End Bal. 11636 Teaching supplies Amount Details Amount 10420 b 6956 Details End Bal. 3996 Teaching supplies Expense Details Amount Details Amount Beg. Bal 0 b 6956 Beg. Bal End Bal. 3464 Details Depreciation on Equipment Amount Details Amount 0 End Bal. 6956 Accumulated Depreciation on Equipment Details Amount Details Amount 16675 с 15986 Beg. Bal Beg. Bal с 15986 End Bal. 15986 End Bal. 32661

Depreciation on professional Lib. Amount Details Amount Details Beg. Bal d Accumulated Depreciation on professional Lib. Details Amount Details Amount Beg. Bal 9380 d 7993 7993 End Bal. 7993 End Bal. 17373 Amount Details Beg. Bal Unearned Training fees Amount Details Amount 12000 e 4800 Details Beg. Bal Earned Training fees Amount Details 39599 4800 End Bal. End Bal. 7200 Tuition fees earned Amount Details Amount 106293 f 44399 Account receivable Amount Details Details Details Amount Beg. Bal Beg. Bal 13653 f 13653 End Bal. 119946 End Bal. 13653

Details Beg. Bal 8 Amount Salary expense Amount Details Amount 50022 400 Salary payable Amount Details 0 Details Beg. Bal g 400 End Bal. End Bal. 50422 Prepaid rent Amount Details Amount 2085 h 2085 Details 400 Rent expense Amount Details 22935 2085 Amount Details Beg. Bal h Beg. Bal End Bal. 0 End Bal. 25020

Wells Technical Institute Adjusted trial Balance December 31 Debit Credit 27094 13653 3464) 11636 01 31262 17373 99000 Cash Account receivable Teaching supply Prepaid insurance Prepaid rent Professional Library Accumulated Depreciation Professional Library Equipment Accumulated Depreciation equipment Account payable Salaries payable Earned training fees Unearned training fees Common Stock Retaining Earnings Tuition fees Earned 32661 23000 400 44399 7200 22318 84000 119946

41684 7993 Dividend Depreciation Expense Professional Library Depreciation Expense equipmet Salary expense Insurance expense Rent expense Teaching supplies expense Advertising Utility Expense Total 15986 50422 3996 25020 6956 7295 5836 351297 351297

Note. All other accounts are same. or just the beginning Balance.