Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3 [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. 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 ances a. An analysis of WTI’s insurance policies shows that $3,468 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,006 are available at year-end 2017 c. Annual depreciation on the equipment is $13,871. d. Annual depreciation on the professional library is $6,936. 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 $2,700, 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. 1. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $4,119 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) 9. 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 Grades for Jaspreet Kaur ACCA Saved WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31, 2017 Credit Debit $ 26,944 @ 10,362 15,545 2,073 31,088 72,533 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional Library Accumulated depreciation-Professional Ubrary Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned training fees Common stock Retained earnings Dividends Tuition fees earned Training fees earned Depreciation expense-Professional Library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals $ 9,328 16,582 35,202 @ 13,500 12,000 53,908 41,452 105,701 39,379 @ 49, 743 @ 22,803 7,254 5,803 $285,600 $285,600 Problem 3-3A Part 3 3 3-a. Prepare Wells Technical Institute’s income statement for the year 2017. 3-b. Prepare Wells Technical Institute’s statement of owner’s equity for the year 2017, 3-c. Prepare Wells Technical Institute’s balance sheet as of December 31, 2017 Complete this question by entering your answers in the tabs below. ook Req ЗА Reg 3B Req 3C Prepare Wells Technical Institute’s income statement for the year 2017. Print eferences WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31, 2017 Revenues Tuition fees earned $ Training fees earned 999 0 Total revenues Expenses $ 999 Mc Graw HIT < Prev 3 Saved oblem(s) Required information Prepare Wells Technical Institute’s Income statement for the year 2017. of 3 WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31, 2017 Revenues Tuition fees eamed Training fees eamed 999 0 Book 999 Total revenues Expenses Print eferences 0 Reg 30 > Mc SCCC Portal Grades for Jaspreet Kaur Acc 4A- Saved Problem(s) FREM FAS 3 Required information 3-b. Prepare Wells Technical Institute’s statement of owner’s equity for the year 2017 3-c. Prepare Wells Technical Institute’s balance sheet as of December 31, 2017 3 of 3 Complete this question by entering your answers in the tabs below. -8 nts Reg 3A Reg 38 Reg 3C Prepare Wells Technical Institute’s statement of owner’s equity for the year 2017 Book Print WELLS TECHNICAL INSTITUTE Statement of Retained Earnings For Year Ended December 31, 2017 Retained earnings. December 31, 2016 Add: Net income References O Less Dividends Retained earnings, December 31, 2017 $ 0 < RBA Regac > Me Gra HII < Prev Sm ar 3 Next MacBook Air 11 UAH Anar an 20 3 Required information WELLS TECHNICAL INSTITUTE Part 3 of 3 Balance Sheet December 31, 2017, 6.68 points eBook 0 Print 0 References 0 0 Total equity 0 0 Mc ezto.mheducation.com MO Assignments: Acety 4A21475-20215 Grades for Jaspreet Kaur: Acci 4A – 21. pard SCCCO Portal Saved h 03 Problems) 3 Required information Part 3 of 3 658 points 0 0 0 5 foot references Total outy $ 0 <3 ME Graw Hill < Prev wg of 3 1 Net MacBook Air BUR
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