analysis wtis insurance policies shows 3000 coverage has expired b inventory count shows

Would you like us to handle your paper? Use our company for better grades and meet your deadlines.

Order a Similar Paper Order a Different Paper
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 2012. 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

Do you need help with this or a different assignment? We offer CONFIDENTIAL, ORIGINAL (Turnitin/LopesWrite/SafeAssign checks), and PRIVATE services using latest (within 5 years) peer-reviewed articles. Kindly click on ORDER NOW to receive an A++ paper from our masters- and PhD writers.

Get a 15% discount on your order using the following coupon code SAVE15

Order a Similar Paper Order a Different Paper