Can you make a T account for this information and an Adjusted trial balance?
Required Information [The following information applies to the questions displayed below] Wells Technical Institute (WT, a school owned by Tstana Wells, provides training to individuals who pay tuition directly to the school. WT also offers training to groups in off-site locations. WT initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of Items a through h that require adjusting entries on December 31. Additional information Items:
a. An analysis of WT's Insurance policies shows that $3,203 of coverage has expired.
b. An inventory count shows that teaching supplies costing $2,776 are available at year-end.
c. Annual depreciation on the equipment is $12,814.
d. Annual depreciation on the professional library is $6,407.
e. Three courses will not begin until next year.
f. The client paid $13,000 cash in advance for all five courses on September 1, and WT credited Unearned Revenue.
g. On October 15, WT agreed to teach a four-month class beginning immediately for an executive with payment due at the end of the class. At December 31, $9,250 of the tuition revenue has been earned by WT.
h. WT's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $50 per day for each employee.
i. The balance in the Prepaid Rent account represents rent for December.
Unadjusted Trial Balance December 31
Debit: $126,491
Credit:
Cash Accounts Receivable Teaching supplies Prepaid insurance Professional library Accumulated depreciation-Professional library equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Training revenue Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Adjusting entry
$10,187 $15,284 $2,039 $8,565 $100,000 $171 $16,201 $21,000 $13,000 $22,101 $1,000 $49,755 $76,717 $44,907 $22,429
Totals:
Debit: $307,495
Credit: $209,495
