Unadjusted BalanceAdjusted BalanceUnadjusted BalanceAdjusted BalanceUnadjusted BalanceAdjusted BalanceCashAccounts ReceivableTeaching SuppliesUnadjusted BalanceAdjusted BalanceUnadjusted BalanceAccumulated Depreciation EquipmentAdjusted BalanceUnadjusted BalanceEquipmentAdjusted Balance00Accounts Payable0 Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly tothe school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearnedrevenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions ofitems a through h that require adjusting entries on December 31.Additional Information Itemsa. An analysis of WTI's insurance policies shows that $3,996 of coverage has expired.b. An inventory count shows that teaching supplies costing $3,464 are available at year-end.c. Annual depreciation on the equipment is $15,986.d. Annual depreciation on the professional library is $7,993.e. On September 1, WTI agreed to do five courses for a client for $2,800 each. Two courses will start immediately andfinish before the end of the year. Three courses will not begin until next year. The client paid $14,000 cash inadvance for all five courses on September 1, and WTI credited Unearned Revenue.f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment dueat the end of the class. At December 31, $12,653 of the tuition revenue has been earned by WTI.g. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100per day for each employee.h. The balance in the Prepaid Rent account represents rent for December.CashAccounts receivableTeaching suppliesPrepaid insurancePrepaid rentProfessional libraryAccumulated depreciation-Professional libraryEquipmentAccumulated depreciation-EquipmentAccounts payableSalaries payableUnearned revenueCommon stockRetained earningsDividendsTuition revenueTraining revenueWELLS TECHNICAL INSTITUTEUnadjusted Trial BalanceDecember 31Depreciation expense-Professional libraryDepreciation expense-EquipmentSalaries expenseInsurance expenseRent expenseTeaching supplies expenseAdvertising expenseUtilities expenseDebit$ 27,698010,65215,9812,13231,958104,00042,613051,136023,45207,4575,966Credit$ 9,58917,04623,000014,00028,26782,000108,66140,482

Adjusting entries are those entries which are passed at the end of accounting period. The main…

Unadjusted Balance. Adjusted Balance Unadjusted Balance Adjusted Balance Unadjusted Balance Cash Accounts Receivable 0 Teaching Supplies Unadjusted Balance Adjusted Balance Accumulated Depreciation-Equipment Unadjusted Balance Adjusted Balance Equipment Unadjusted Balance Accounts Payable

Unadjusted Balance. Adjusted Balance Unadjusted Balance Adjusted Balance Unadjusted Balance Cash Accounts Receivable 0 Teaching Supplies Unadjusted Balance Adjusted Balance Accumulated Depreciation-Equipment Unadjusted Balance Adjusted Balance Equipment Unadjusted Balance Accounts Payable

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section21.1: Accruals

Problem 1WT

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1. Prepare the required Ledger Accounts as per the case given below. Requirement: The students are required to post the journal entries to the general ledger accounts below covering the period from March 1 to 31, 2021 these journal entries were taken from the accounting books of AL Almas Shope owned and managed by Ms. Nabila. • All Ledger accounts must be dosed. The account total and balance are required to be determined after completing all postings for all Ledger accounts • The students must use the general ledgers accounts mentioned in this assessment paper and use the correct template. • You are not required to fill-up the reference columns in the general ledgers. March. Particulars Ref. Debit Credit Date 2021 1 Cash 200,000 Capital 200,000 To record owner's capital invested in Business 2 Furniture 7,000 Cash 7,000 To record purchase of Fumiture by cash from Danube Furniture Land 15,000 Accounts Payable 15,000 To record purchase of Land on credit from Mr. Said 6. Cash 2,000 Loans…
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. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items An analysis of WTI's insurance policies shows that $3,071 of coverage has expired. An inventory count shows that teaching supplies costing $2,662 are available at year-end. Annual depreciation on the equipment is $12,285. Annual depreciation on the professional library is $6,142. On September 1, WTI agreed to do five courses for a client for $3,000 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $15,000 cash in…
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. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items 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. Annual depreciation on the equipment is $13,200. Annual depreciation on the professional library is $7,200. On September 1, WTI agreed to do five courses for a client for $2,500 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $12,500 cash in advance for all five…
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[The following information applies to the questions displayed below.]Wells Technical Institute (WTI) provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items An analysis of WTI's insurance policies shows that $3,732 of coverage has expired. An inventory count shows that teaching supplies costing $3,235 are available at year-end. Annual depreciation on the equipment is $14,929. Annual depreciation on the professional library is $7,464. On September 1, WTI agreed to do five training courses for a client for $2,300 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid…
[The following information applies to the questions displayed below.]Wells Technical Institute (WTI) provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items An analysis of WTI's insurance policies shows that $3,732 of coverage has expired. An inventory count shows that teaching supplies costing $3,235 are available at year-end. Annual depreciation on the equipment is $14,929. Annual depreciation on the professional library is $7,464. On September 1, WTI agreed to do five training courses for a client for $2,300 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid…
Please help with the following question in regards with accounting homework: Taking into account all the errors/omissions noted above, prepare the corrected Creditors Control account for the month of June 2021. Balance the account. Please follow up on the format and information attached , god bless you
[The following information applies to the questions displayed below.]Wells Technical Institute (WTI) provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items An analysis of WTI's insurance policies shows that $3,732 of coverage has expired. An inventory count shows that teaching supplies costing $3,235 are available at year-end. Annual depreciation on the equipment is $14,929. Annual depreciation on the professional library is $7,464. On September 1, WTI agreed to do five training courses for a client for $2,300 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid…
[The following information applies to the questions displayed below.] Wells Technical Institute (WTI) provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items An analysis of WTI's insurance policies shows that $3,996 of coverage has expired. An inventory count shows that teaching supplies costing $3,464 are available at year-end. Annual depreciation on the equipment is $15,986. Annual depreciation on the professional library is $7,993. On September 1, WTI agreed to do five training courses for a client for $2,300 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid…
Required information Skip to question [The following information applies to the questions displayed below.]Wells Technical Institute (WTI) provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items An analysis of WTI's insurance policies shows that $3,600 of coverage has expired. An inventory count shows that teaching supplies costing $3,120 are available at year-end. Annual depreciation on the equipment is $14,400. Annual depreciation on the professional library is $7,200. On September 1, WTI agreed to do five training courses for a client for $2,800 each. Two courses will start immediately and finish before the end of the year. Three courses will not…