Wells technical institute (wti), a school owned by tristana wells,

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, 2015, 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, 2015, follow.

 

Additional Information Items

a. An analysis of WTI’s insurance policies shows that $3,732 of coverage has expired.

b. An inventory count shows that teaching supplies costing $3,235 are available at year-end 2015.

c. Annual depreciation on the equipment is $14,929.

d. Annual depreciation on the professional library is $7,464.

e. 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 $2,300, 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 2016.

f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,040 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.)

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, 2015

 

  Debit

  Credit

  Cash

$

28,151     

 

 

  Accounts receivable

 

0     

 

 

  Teaching supplies

 

10,826     

 

 

  Prepaid insurance

 

16,242     

 

 

  Prepaid rent

 

2,166     

 

 

  Professional library

 

32,481     

 

 

  Accumulated depreciation—Professional library

 

 

$

9,746  

  Equipment

 

75,784     

 

 

  Accumulated depreciation—Equipment

 

 

 

17,325  

  Accounts payable

 

 

 

 39,386  

  Salaries payable

 

 

 

0  

  Unearned training fees

 

 

 

11,500  

  Common stock

 

 

 

13,772  

  Retained earnings

 

 

 

55,090  

  Dividends

 

43,310     

 

 

  Tuition fees earned

 

 

 

110,438  

  Training fees earned

 

 

 

41,143  

  Depreciation expense—Professional library

 

0     

 

 

  Depreciation expense—Equipment

 

0     

 

 

  Salaries expense

 

51,972     

 

 

  Insurance expense

 

0     

 

 

  Rent expense

 

23,826     

 

 

  Teaching supplies expense

 

0     

 

 

  Advertising expense

 

7,579     

 

 

  Utilities expense

 

6,063     

 

 

 

  Totals

$

298,400     

$

298,400  

 

 

 

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