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, $7,950 of the tuition revenue has been earned by WTI. prepare an adjusting entry
Added by Brent F.
Step 1
The transaction involves WTI agreeing to teach a four-month class starting on October 15 and ending in February. The payment for the class is due at the end of the class. As of December 31, two months of the class have passed (October and November), and the Show more…
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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.)
Akash M.
On September 1, WTI agreed to do five courses for a client for $2,600 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 $13,000 cash in advance for all five courses in September 1, and WTI credited Unearned Training Fees. what do I enter under the Unearned Training Fees and training fee earned in the journal? Do I put the amounts under the credit or debit categories in the journal?
Brooke B.
On July 1, a client paid an advance payment (retainer) of $10,000 to cover future legal services. During the period, the company completed $6,200 of the agreed-upon services for the client. There was no beginning balance in the Unearned Revenue account for the period. Based on the information provided, make the journal entries needed to correct the balances for: Original transaction December 31 adjustment
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