Watson Technical Institute (WTI), a school owned by Tom Watson, 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, 2011, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2011, follow. Additional Information Items a. An analysis of WTI’s insurance policies shows that $2,807 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,433 are available at year-end 2011. c. Annual depreciation on the equipment is $11,227. d. Annual depreciation on the professional library is $5,614. 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 $2,700, 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 $2,819 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 $ 26,340 Accounts receivable 0 Teaching supplies 10,129 Prepaid insurance 15,197 Prepaid rent 2,027 Professional library 30,391 Accumulated depreciation—Professional library $ 9,119 Equipment 70,903 Accumulated depreciation—Equipment 16,210 Accounts payable 34,112 Salaries payable 0 Unearned training fees 13,500 T. Watson, Capital 64,431 T. Watson, Withdrawals 40,523 Tuition fees earned 103,332 Training fees earned 38,496 Depreciation expense—Professional library 0 Depreciation expense—Equipment 0 Salaries expense 48,628 Insurance expense 0 Rent expense 22,297 Teaching supplies expense 0 Advertising expense 7,092 Utilities expense 5,673 Totals $ 279,200 $ 279,200 4. value: 17.00 points Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. (Round your answer to nearest dollar amount. Omit the “$” sign in your response.) Adjusting entries (all dated Dec. 31, 2011). General Journal Debit Credit a. b. c. d. e. f. g. h. eBook Links (4)references 5. value: 16.00 points 3.1 Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts. (Record the transactions in the given order. Round your answers to the nearest dollar amount. Leave no cells blank – be certain to enter “0” wherever required. Omit the “$” sign in your response.) Cash Unadj. bal. Accounts Receivable Unadj. bal. Adj. bal. Teaching Supplies Unadj. bal. Adj. bal. Prepaid Insurance Unadj. bal. Adj. bal. Prepaid Rent Unadj. bal. Adj. bal. Professional Library Unadj. bal. Accumulated Depreciation—Professional library Unadj. bal. Adj. bal. Equipment Unadj. Bal. Accumulated Depreciation—Equipment Unadj. bal. Adj. bal. Accounts Payable Unadj. bal. Salaries Payable Unadj. bal. Adj. bal. Unearned Training Fees Unadj. bal. Adj. bal. T. Watson, Capital Unadj. bal. T. Watson, Withdrawals Unadj. bal. Tuition Fees Earned Unadj. bal. Adj. bal. Training Fees Earned Unadj. bal. Adj. bal. Depreciation Expense—Professional Library Unadj. bal. Adj. bal. Depreciation Expense—Equipment Unadj. bal. Adj. bal. Salaries Expense Unadj. bal. Adj. bal. Insurance Expense Unadj. bal. Adj. bal. Rent Expense Unadj. bal. Adj. bal. Teaching Supplies Expense Unadj. bal. Adj. bal. Advertising Expense Unadj. bal. Utilities Expense Unadj. bal.

Order now and get 10% discount on all orders above $50 now!!The professional are ready and willing handle your assignment.