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Presentation/PPT
27/08/2022
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. its unadjusted trial balance as of december 31, 2017, follows. 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, 2017, follow. additional information items an analysis of wti’s insurance policies shows that $3,468 of coverage has expired. an inventory count shows that teaching supplies costing $3,006 are available at year-end 2017. annual depreciation on the equipment is $13,871. annual depreciation on the professional library is $6,936. 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 $2,800, and the client paid the first five months’ fees in advance. when the cash was received, the unearned training fees account was credited. the fee for the sixth month will be recorded when it is collected in 2018. on october 15, wti agreed to teach a four-month class (beginning immediately) for an individual for $4,019 tuition per month payable at the end of the class. the class started on october 15, but no payment has yet been received. (wti’s accruals are applied to the nearest half-month; for example, october recognizes one-half month accrual.) 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. the balance in the prepaid rent account represents rent for december. wells technical institute unadjusted trial balance december 31, 2017 debit credit cash $ 28,000 accounts receivable 0 teaching supplies 10,768 prepaid insurance 16,155 prepaid rent 2,155 professional library 32,307 accumulated depreciation—professional library $ 9,693 equipment 75,368 accumulated depreciation—equipment 17,232 accounts payable 36,613 salaries payable 0 unearned training fees 14,000 common stock 11,000 retained earnings 57,493 dividends 43,078 tuition fees earned 109,846 training fees earned 40,923 depreciation expense—professional library 0 depreciation expense—equipment 0 salaries expense 51,694 insurance expense 0 rent expense 23,705 teaching supplies expense 0 advertising expense 7,539 utilities expense 6,031 totals $ 296,800 $ 296,800
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