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P03-03A

Student Name:
Class:
Problem 03-03A
WELLS TECHNICAL INSTITUTE
T-Accounts
Parts 1 and 2
Cash Equipment
Unadj. Bal. Unadj. Bal.
Bal. Bal.
0 0
Accounts Receivable Accumulated Depreciation - Equipment
Unadj. Bal. Unadj. Bal.
Adj. Bal. Adj. Bal.
0 0
Teaching Supplies Accounts Payable
Unadj. Bal. Bal.
Adj. Bal. Bal.
0 0
Prepaid Insurance Salaries Payable
Unadj. Bal. Unadj. Bal. 0
Adj. Bal. Adj. Bal.
0 0
Prepaid Rent Unearned Training Fees
Unadj. Bal. Unadj. Bal.
Adj. Bal. Adj. Bal.
0 0
Professional Library T. Wells, Capital
Bal. Bal.
Bal. Bal.
0 0
Accumulated Depreciation-Professional Library T. Wells, Withdrawals
Unadj. Bal. Bal.
Adj. Bal. Bal.
0 0
Tuition Fees Earned Rent Expense
Unadj. Bal. Unadj. Bal.
Adj. Bal. Adj. Bal.
0 0
Training Fees Earned Teaching Supplies Expense
Unadj. Bal. Unadj. Bal.
Adj. Bal. Adj. Bal.
0 0
Depreciation Expense-Professional Library Advertising Expense
Unadj. Bal. Bal.
Adj. Bal. Bal.
0 0
Depreciation Expense-Equipment Utilities Expense
Unadj. Bal. Bal.
Adj. Bal. Bal.
0 0
Salaries Expense
Unadj. Bal.
Adj. Bal.
0
Insurance Expense
Unadj. Bal.
Adj. Bal.
0
WELLS TECHNICAL INSTITUTE
General Journal
Adjustment
Date Account Titles no. Debit Credit
Dec 31 Adjusting Entries:
Insurance Expense (a)
Prepaid Insurance 0
To record the insurance expired.
Teaching Supplies Expense (b)
Teaching Supplies 0
To record supplies used.
Depreciation Expense-Equipment (c)
Accumulated Depreciation-Equipment 0
To record equipment depreciation.
Depreciation Expense-Profess. Library (d)
Accumul. Depreciation-Profess. Library 0
To record professional library depreciation.
Unearned Training Fees (e)
Training Fees Earned 0
To record 2 months' training fees earned that were collected in advance.
Accounts Receivable (f)
Tuition Fees Earned 0
To record tuition earned
Salaries Expense (g)
Salaries Payable 0
To record accrued salaries
Rent Expense (h)
Prepaid Rent 0
To record expiration of prepaid rent.
WELLS TECHNICAL INSTITUTE
Adjusted Trial Balance
December 31, 2013
Debit Credit
Cash
Accounts receivable
Teaching supplies
Prepaid insurance
Prepaid rent
Professional library
Accumulated depreciation-Professional library
Equipment
Accumulated depreciation-Equipment
Accounts payable
Salaries payable
Unearned training fees
T. Wells, Capital
T. Wells, Withdrawals
Tuition fees earned
Training fees earned
Depreciation expense-Professional library
Depreciation expense-Equipment
Salaries expense
Insurance expense
Rent expense
Teaching supplies expense
Advertising expense
Utilities expense
Total
0 0
WELLS TECHNICAL INSTITUTE
Income Statement
For Year Ended December 31, 2013
Revenues
Tuition fees earned
Training fees earned
Total revenues
Expenses
Depreciation expense-Professional library
Depreciation expense-Equipment
Salaries expense
Insurance expense
Rent expense
Teaching supplies expense
Advertising expense
Utilities expense
Total expenses
Net income
0
WELLS TECHNICAL INSTITUTE
Statement of Changes in Owner's Equity
For Year Ended December 31, 2013
T. Wells, Capital, December 31, 2012
Plus: net income
Less: Withdrawals by owner
T. Wells, Capital, December 31, 2013
0
WELLS TECHNICAL INSTITUTE
Balance Sheet
For Year Ended December 31, 2013
Assets
Cash
Accounts receivable
Teaching supplies
Prepaid insurance
Professional library
Accumulated depreciation-Professional library
Equipment
Accumulated depreciation-Equipment
Total assets
-
Liabilities
Accounts payable
Salaries payable
Unearned training fees
Total liabilities
Equity
T. Wells, Capital
Total liabilities and equity
-
Enter appropriate data in yellow cells. Your Credit entries will be verified.
Enter appropriate data in yellow cells. Your answers for "Total" will be verified.
Enter appropriate data in yellow cells. Your answer for "Net income" will be verified.
Enter appropriate data in yellow cells. Your answer for "T. Wells, Capital, December 31, 2009" will be verified.
Enter appropriate data in yellow cells. Your answer for "Total liabilities and equity" will be verified.
Enter the amount. Your entries for "Bal" (Balance) will be verified. Adjustment amounts can be picked up from the entries below.
Enter the letter of the event recorded.
Enter the amount. Your entries for "Bal" (Balance) will be verified. Adjustment amounts can be picked up from the entries below.
Enter the letter of the event recorded.

Given P03-03A

Given Data P03-03A:
WELLS TECHNICAL INSTITUTE
Unadjusted Trial Balance
December 31, 2013
Cash $ 34,000
Accounts receivable -
Teaching supplies 8,000
Prepaid insurance 12,000
Prepaid rent 3,000
Professional library 35,000
Accumulated depreciation-Professional library $ 10,000
Equipment 80,000
Accumulated depreciation-Equipment 15,000
Accounts payable 26,000
Salaries payable -
Unearned training fees 12,500
T. Wells, Capital 90,000
T. Wells, Withdrawals 50,000
Tuition fees earned 123,900
Training fees earned 40,000
Depreciation expense-Professional library -
Depreciation expense-Equipment -
Salaries expense 50,000
Insurance expense -
Rent expense 33,000
Teaching supplies expense -
Advertising expense 6,000
Utilities expense 6,400
Totals $ 317,400 $ 317,400
Additional items for December 31, 2013 adjusting entries:
(a) Expired insurance coverage $ 2,400
(b) Teaching supplies on hand $ 2,800
(c) Annual equipment depreciation $ 13,200
(d) Annual professional library depreciation $ 7,200
(e) Training fees earned per month beginning Nov. 1 $ 2,500
Number of months prepaid $ 5
(f) Unpaid monthly tuition for student beginning Oct. 15 $ 7,500
(g) Two employees accrue wages for two days (daily wage) $ 100
(h) Balance in Prepaid Rent account is for December $ 3,000
Check figures:
(2e) Cr. Training Fees Earned $ 5,000
(2f) Cr. Tuition Fees Earned $ 7,500
(3) Adjusting Trial Balance totals $ 345,700
(4) Net income $ 49,600
Ending T. Wells, Capital $ 89,600