{"id":24795,"date":"2022-01-14T11:59:40","date_gmt":"2022-01-14T11:59:40","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/wells-technical-institute-wti-a-school-owned-by-tristana-wells\/"},"modified":"2022-01-14T11:59:40","modified_gmt":"2022-01-14T11:59:40","slug":"wells-technical-institute-wti-a-school-owned-by-tristana-wells","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/wells-technical-institute-wti-a-school-owned-by-tristana-wells\/","title":{"rendered":"Wells technical institute (wti), a school owned by tristana wells,"},"content":{"rendered":"
\n

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, 2015, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items\u00a0a<\/em>\u00a0through\u00a0h<\/em>\u00a0that require adjusting entries on December 31, 2015, follow.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Additional Information Items<\/span><\/p>\n

a. <\/span>An analysis of WTI’s insurance policies shows that $3,732 of coverage has expired.<\/span><\/p>\n

b. <\/span>An inventory count shows that teaching supplies costing $3,235 are available at year-end 2015.<\/span><\/p>\n

c. <\/span>Annual depreciation on the equipment is $14,929.<\/span><\/p>\n

d. <\/span>Annual depreciation on the professional library is $7,464.<\/span><\/p>\n

e. <\/span>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 $2,300, 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 2016.<\/span><\/p>\n

f. <\/span>On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,040 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.)<\/span><\/p>\n

g. <\/span>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.<\/span><\/p>\n

h. <\/span>The balance in the Prepaid Rent account represents rent for December.<\/span><\/p>\n

\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

WELLS TECHNICAL INSTITUTE
Unadjusted Trial Balance
December 31, 2015<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0\u00a0Debit<\/span><\/p>\n<\/td>\n

\n

\u00a0\u00a0Credit<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Cash<\/span><\/p>\n<\/td>\n

\n

$<\/span><\/p>\n<\/td>\n

\n

28,151 \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Accounts receivable<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

0 \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Teaching supplies<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

10,826 \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Prepaid insurance<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

16,242 \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Prepaid rent<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

2,166 \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Professional library<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

32,481 \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Accumulated depreciation\u2014Professional library<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

$<\/span><\/p>\n<\/td>\n

\n

9,746\u00a0\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Equipment<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

75,784 \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Accumulated depreciation\u2014Equipment<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

17,325 \u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Accounts payable<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a039,386\u00a0\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Salaries payable<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

0 \u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Unearned training fees<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

11,500\u00a0\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Common stock<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

13,772\u00a0\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Retained earnings<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

55,090\u00a0\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Dividends<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

43,310 \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Tuition fees earned<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

110,438\u00a0\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Training fees earned<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

41,143\u00a0\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Depreciation expense\u2014Professional library<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

0 \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Depreciation expense\u2014Equipment<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

0 \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Salaries expense<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

51,972 \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Insurance expense<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

0 \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Rent expense<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

23,826 \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Teaching supplies expense<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

0 \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Advertising expense<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

7,579 \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0Utilities expense<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

6,063 \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n\n\n<\/tr>\n
\n

\u00a0\u00a0Totals<\/span><\/p>\n<\/td>\n

\n

$<\/span><\/p>\n<\/td>\n

\n

298,400 \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n

\n

$<\/span><\/p>\n<\/td>\n

\n

298,400\u00a0\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/span><\/p>\n

\u00a0<\/p>\n

\u00a0<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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, 2015, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items\u00a0a\u00a0through\u00a0h\u00a0that […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-24795","post","type-post","status-publish","format-standard","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/24795","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=24795"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/24795\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=24795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=24795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=24795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}