WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31, 2017 Debit Credit Cash $ 34,000 Accounts receivable...

WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31, 2017
	Debit		Credit
Cash	$	34,000
Accounts receivable		0
Teaching supplies		8,000
Prepaid insurance		12,000
Prepaid rent		3,000
Professional library		35,000
Accumulated depreciation—Professional library			$	10,000
Equipment		80,000
Accumulated depreciation—Equipment				15,000
Accounts payable				26,000
Salaries payable				0
Unearned training fees				12,500
Common stock				10,000
Retained earnings				80,000
Dividends		50,000
Tuition fees earned				123,900
Training fees earned				40,000
Depreciation expense—Professional library		0
Depreciation expense—Equipment		0
Salaries expense		50,000
Insurance expense		0
Rent expense		33,000
Teaching supplies expense		0
Advertising expense		6,000
Utilities expense		6,400
Totals	$	317,400	$	317,400

An analysis of WTI's insurance policies shows that $2,400 of coverage has expired.

An inventory count shows that teaching supplies costing $2,800 are available at year-end 2017.

Annual depreciation on the equipment is $13,200.

Annual depreciation on the professional library is $7,200.

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. 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 $3,000 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.

Required:
1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end.

Expert Solution

ekkarill92 answered 1 year ago

The unadjusted trial balance of Marin Inc. at December 31, 2017, is as follows: Debit Credit...

The unadjusted trial balance of Marin Inc. at December 31, 2017, is as follows: Debit Credit Cash $17,340 Accounts Receivable 106,100 Allowance for Doubtful Accounts $3,670 Inventory 61,700 Prepaid Insurance 4,599 Bond Investment at Amortized Cost 50,400 Land 28,100 Buildings 152,700 Accumulated Depreciation—Buildings 6,045 Equipment 34,800 Accumulated Depreciation—Equipment 5,800 Goodwill 16,750 Accounts Payable 101,100 Bonds Payable (20-year, 7%) 168,000 Common Shares 120,500 Retained Earnings 61,184 Sales Revenue 190,500 Rent Revenue 11,100 Advertising Expense 23,100 Supplies Expense 10,600 Purchases 97,900 Purchase...

Ryan Company Trial Balance December 31, 2017 Debit Credit Cash 21,800 Accounts Receivable 18,800 Prepaid Insurance...

Ryan Company Trial Balance December 31, 2017 Debit Credit Cash 21,800 Accounts Receivable 18,800 Prepaid Insurance 1,000 Equipment 5,000 Accumulated Depreciation-Equipment 9,600 Accounts Payable 11,600 Salaries and Wages Payable 2,200 Unearned Rent Revenue 1,600 Common Stock 20,000 Retained Earnings 11,000 Dividends 5,600 Service Revenue 69,200 Rent Revenue 26,200 Salaries and Wages Expense 36,200 Supplies Expense 4,000 Rent Expense 21,600 Insurance Expense 3,000 Depreciation Expense 2,400 151,400 151,400 Prepare the income and statement of changes in stockholders' equity statements for the...

GoodJob Inc. Unadjusted Trial Balance December 31,2020 Account Debit Credit Cash 304,150 Accounts Receivable 99,000 Office...

GoodJob Inc. Unadjusted Trial Balance December 31,2020 Account Debit Credit Cash 304,150 Accounts Receivable 99,000 Office supplies 880 Prepaid rent. 3,960 Unexpired insurance 1,650 Office equipment 79,200 Accumulated depreciation: office equipment 26,400 Accounts payable 4,400 Notes payable (due 3/1/12) 66,000 Interest payable 660 Income taxes payable 9,900 Dividends payable 3,500 Unearned consulting fees 24,200 Capital stock 220,000 Retained earnings 44,000 Dividends 3,500 Consulting fees earned 550,000 Rent expense 16,170 Insurance expense 2,420 Office supplies expense 4,950 Depreciation expense: office equipment...

Use the unadjusted trial balance of Electric Bike on December 31, 2020. Debit Credit Cash $...

Use the unadjusted trial balance of Electric Bike on December 31, 2020. Debit Credit Cash $ 7,700 Accounts receivable 22,265 Merchandise inventory 34,200 Store supplies 2,215 Office supplies 915 Prepaid insurance 4,655 Equipment 70,090 Accumulated depreciation, equipment $ 13,255 Accounts payable 7,600 Salaries payable 0 Braeden Li, capital 163,945 Braeden Li, withdrawals 60,000 Interest income 270 Sales 527,000 Sales returns and allowances 4,670 Cost of goods sold 380,760 Salaries expense 95,900 Rent expense 28,700 Supplies expense 0 Depreciation expense, equipment...

GREAT ADVENTURES, Inc. Adjusted Trial Balance December 31, 2019 Accounts Debit Credit Cash 64,200 Accounts Receivable...

GREAT ADVENTURES, Inc. Adjusted Trial Balance December 31, 2019 Accounts Debit Credit Cash 64,200 Accounts Receivable 2,000 Inventory 5,000 Prepaid insurance 2,400 Prepaid rent 1,600 Supplies (Office) 300 Supplies (Racing) 200 Equipment (Bikes) 12,000 Equipment (Kayaks) 21,000 Accumulated depreciation 8,000 Accounts payable 2,800 Income tax payable 14,000 Interest payable 750 Notes payable 30,000 Common stock ($1.00 par - 1,000,000 shares authorized,10,000 shares issued and outstanding) 10,000 Paid-in Capital in Excess of Par-Common 10,000 Dividends 4,000 Merchandise Sales Revenue 27,500 Sales...

Baltic Supplies presented the following unadjusted trial balance as at December 31, 2016 Accounts Debit Credit...

Baltic Supplies presented the following unadjusted trial balance as at December 31, 2016 Accounts Debit Credit cash Accounts Receivable 410,000 Merchandise Inventory 330,000 Store supplies 144,800 Prepaid Insurance Expense 156,000 Building and Equipment 800,000 Accumulated depreciation- Building and Equipment 237,000 Accounts payable 435,000 Travelling expense payable unearned sales revenue 220,000 Note payable long term 345,000 Baltic capital 1,791,900 Baltic Withdrawal 35,000 Sales revenue earned 917,000 Sales discount 35,000 Sales returns and allowances 42,100 Cost of goods sold 585,000 Salaries expense...

HANSON PRODUCTS COMPANY Adjusted Trial Balance December 31, 2018 Debit Credit Cash $ 14,400 Accounts receivable...

HANSON PRODUCTS COMPANY Adjusted Trial Balance December 31, 2018 Debit Credit Cash $ 14,400 Accounts receivable 35,000 Allowance for doubtful accounts 800 Merchandise inventory 50,400 Office supplies 900 Prepaid Insurance 1,200 Equipment 60,000 Accumulated depreciation – equipment 25,000 Accounts payable 12,000 Notes payable 10,000 Common stock 40,000 Retained earnings 22,250 Dividends 21,000 Net Sales 320,300 Cost of goods sold 205,000 Sales salaries expense 32,500 Depreciation expense – equipment 7,500 Office supplies expense 1,300 Interest expense 600 Bad Debts Expense 200...

TAMARISK GOLF CLUB, INC. TRIAL BALANCE DECEMBER 31 Debit Credit Cash $17,550 Accounts Receivable 14,700 Allowance...

TAMARISK GOLF CLUB, INC. TRIAL BALANCE DECEMBER 31 Debit Credit Cash $17,550 Accounts Receivable 14,700 Allowance for Doubtful Accounts $1,200 Prepaid Insurance 9,500 Land 353,200 Buildings 150,000 Accumulated Depreciation-Buildings 48,000 Equipment 196,500 Accumulated Depreciation-Equipment 91,700 Common Stock 381,500 Retained Earnings 158,117 Dues Revenue 204,200 Green Fees Revenue 5,703 Rent Revenue 17,600 Utilities Expenses 58,420 Salaries and Wages Expense 82,100 Maintenance and Repairs Expense 26,050 $908,020 $908,020 From the trial balance and the information given below, prepare annual adjusting entries. (1)...

Presented below is the trial balance of Nash Corporation at December 31, 2017. Debit Credit Cash...

Presented below is the trial balance of Nash Corporation at December 31, 2017. Debit Credit Cash $ 201,180 Sales $ 8,104,150 Debt Investments (trading) (cost, $145,000) 157,150 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 303,180 Equity Investments (long-term) 281,180 Notes Payable (short-term) 94,150 Accounts Payable 459,150 Selling Expenses 2,004,150 Investment Revenue 67,230 Land 264,150 Buildings 1,044,180 Dividends Payable 140,180 Accrued Liabilities 100,150 Accounts Receivable 439,150 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 29,150 Administrative Expenses 904,230 Interest Expense 215,230 Inventory...

Presented below is the trial balance of Gilead Pharmaceuticals at December 31, 2017. Debit Credit Cash...

Presented below is the trial balance of Gilead Pharmaceuticals at December 31, 2017. Debit Credit Cash 295,000 Sales Revenue $12,150 Debt Investments (trading) (at cost, $218,000) 230,000 Cost of Goods Sold 7,200 Debt Investments (long-term) 448,000 Equity Investments (long-term) 416,000 Notes Payable (short-term) 135,000 Accounts Payable 682,000 Selling Expenses 3,000,000 Investment Revenue 95,000 Land 390,000 Buildings 1,560,000 Dividends Payable 204,000 Accrued Liabilities 144,000 Accounts Receivable 652,000 Accumulated Depreciation–Buildings 228,000 Allowance for Doubtful Accounts 38,000 Administrative Expenses 1,350,000 Interest Expense 317,000...

Question