Answer:
Given below
Explanation:
<u><em>Wells Technical Institute (WTI)</em></u>
<u><em>General Journal</em></u>
<u><em>31st December Journal Entries</em></u>
Insurance Expense $2,542 Dr
Prepaid Insurance $2,542 Cr
- Insurance expired on Dec 31st
Inventory Account $2,204 Dr
Prepaid Supplies Account $2,204 Cr
<em>The prepaid supplies is closed to inventory account and inventory account is closed to Income summary account.</em>
Income Summary Account $2,204 Dr
Inventory Account $2,204 Cr
<em>But if only adjusting entry is required not closing inventory then </em>
Prepaid Supplies Account $2,204 Dr
Inventory Account $2,204 Cr
<em>Inventory account is adjusted with the Prepaid Supplies .</em>
- An inventory count shows that teaching supplies costing $2,204 are available at year-end.
Depreciation Expense Equipment $10,170Dr
Accumulated Depreciation Equipment $10,170 Cr.
Depreciation Expense Library $5,085 Dr
Accumulated Depreciation Library $5,085 Cr.
- Annual depreciation on the equipment is $10,170. Annual depreciation on the professional library is $5,085.
Unearned Training Fees $ 4800 Dr
Training Fees Earned $ 4800 Cr
- Fees for two course ( 2400*2= 4800) Earned.
Accounts Receivable Training Fees $6,498 Dr
Training Fees Earned $ $6,498 Cr
- 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, $6,498 of the tuition has been earned by WTI.
Salaries Expense $ 400 Dr.
Salaries Payable $ 400 Cr.
Salaries for two employees ( 2* 2* 100= 400) for 2 days.
- 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. The balance in the Prepaid Rent account represents rent for December.
