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Business, 06.03.2021 02:10 joelpimentel

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 ItemsAn analysis of WTI's insurance policies shows that $2,939 of coverage has expired. An inventory count shows that teaching supplies costing $2,547 are available at year-end. Annual depreciation on the equipment is $11,756.Annual depreciation on the professional library is $5,878.On September 1, WTI agreed to do five 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 begin until next year. The client paid $14,000 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $7,450 of the tuition has been earned by WTI. 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. WELLS TECHNICAL INSTITUTEUnadjusted Trial BalanceDecember 31Debit CreditCash$27,698 Accounts receivable 0 Teaching supplies 10,652 Prepaid insurance 15,981 Prepaid rent 2,132 Professional library 31,958 Accumulated depreciation—Professional library $9,589Equipment 97,000 Accumulated depreciation—Equipment 17,046Accounts payable 26,000Salaries payable 0Unearned training fees 14,000Common stock 23,267Retained earnings 77,000Dividends 42,613 Tuition fees earned 108,661Training fees earned 40,482Depreciation expense—Professional library 0 Depreciation expense—Equipment 0 Salaries expense 51,136 Insurance expense 0 Rent expense 23,452 Teaching supplies expense 0 Advertising expense 7,457 Utilities expense 5,966 Totals$316,045 $316,045Required:1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end.2-a. Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts.2-b. Prepare an adjusted trial balance.3-a. Prepare Wells Technical Institute's income statement for the year.3-b. Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $77,000 on December 31 of the prior year.3-c. Prepare Wells Technical Institute's balance sheet as of December 31.

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