Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 31 Jan 2018 My Price 10.00

Wells Technical Institute

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, 2013, 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, 2013, follow.

 

Additional Information Items

 

a. An analysis of WTI's insurance policies shows that $2,700 of coverage has expired.
b. An inventory count shows that teaching supplies costing $3,100 are available at year-end 2013.
c. Annual depreciation on the equipment is $13,800.
d. Annual depreciation on the professional library is $7,800.
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 $3,100, 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 2014.
f.

On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,600 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 $160 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, 2013
  Debit Credit
Cash $ 40,000    
Accounts receivable   0    
Teaching supplies   8,600    
Prepaid insurance   12,600    
Prepaid rent   3,600    
Professional library   41,000    
Accumulated depreciation—Professional library     $ 10,600
Equipment   86,000    
Accumulated depreciation—Equipment       15,600
Accounts payable       32,600
Salaries payable       0
Unearned training fees       15,500
Common stock       16,000
Retained earnings       86,000
Dividends   56,000    
Tuition fees earned       131,100
Training fees earned       46,000
Depreciation expense—Professional library   0    
Depreciation expense—Equipment   0    
Salaries expense   56,000    
Insurance expense   0    
Rent expense   36,000    
Teaching supplies expense   0    
Advertising expense   6,600    
Utilities expense   7,000    
 
Totals $ 353,400 $ 353,400
 

rev: 11_07_2013_QC_38828, 12_04_2013_QC_38828, 02_26_2014_QC_45977

1.value:
10.00 pointsRequired information

1.

Prepare the necessary adjusting journal entries for items a throu

 

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Jan 2018 12:01 AM My Price 10.00

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