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a. an analysis of wti’s insurance policies shows that $3,000 of
a. An analysis of WTI’s insurance policies shows that $3,000 of coverage has expired.
b. An inventory count shows that teaching supplies costing $2,600 are available at year-end 2011.
c. Annual depreciation on the equipment is $12,000.
d. Annual depreciation on the professional library is $6,000.
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 $2,200, 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: 2024 – Essay Writing Service. Custom Essay Services Cheap.
f.
On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,000 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.
WATSON TECHNICAL INSTITUTE
Unadjusted Trial Balance
December 31, 2011
Debit Credit
Cash $ 26,000
Accounts receivable 0
Teaching supplies 10,000
Prepaid insurance 15,000
Prepaid rent 2,000
Professional library 30,000
Accumulated depreciation—Professional library $ 9,000
Equipment 70,000
Accumulated depreciation—Equipment 16,000
Accounts payable 36,000
Salaries payable 0
Unearned training fees 11,000
T. Watson, Capital 63,600
T. Watson, Withdrawals 40,000
Tuition fees earned 102,000
Training fees earned 38,000
Depreciation expense—Professional library 0
Depreciation expense—Equipment 0
Salaries expense 48,000
Insurance expense 0
Rent expense 22,000
Teaching supplies expense 0
Advertising expense 7,000
Utilities expense 5,600
Totals $ 275,600 $ 275,600
Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. (Omit the “$” sign in your response.)
Adjusting entries (all dated Dec. 31, 2011).
General Journal Debit Credit
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