Wells Technical Institute Adjusting Entries and Financial Statements

Wells Technical Institute (WTI)_Adjusting Entries and Financial Statements in $11 only

Wells Technical Institute (WTI), a school owned by Tristana Wells, 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, 2013, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of itemsathroughh that require adjusting entries on December 31, 2013, follow.
Additional Information Items

John’s House Painting Company _Journal to Financial statements

John’s House Painting Company _Journal to Financial statements in $11 only (Instant Download)John’s House Painting Company _Journal to Financial statements

Free Sample Answer Given Below

John’s House Painting Company has the following transactions for the year

1. December 1 – Issued capital stock for $100,000 to start a house painting business.

2. December 1 – Paid one year insurance premium costing $4,800.

3. December 1 – Paid gas expense $200.

4. December 1 – Purchased equipment costing $4,800 on credit.

5. December 12 – Purchased supplies costing $800 on credit.

6. December 18 – Painted three houses totaling $12,000 and billed customers.

7. December 23 – Painted three rooms and billed customers $500.

8. December 28 – Received $2,000 for houses painted in #6.

9. December 31 – Paid for equipment purchased in #4.

10. December 31 – Received $1,000 for a job to paint a house in January next year.

11. December 31 – Paid a $1,000 dividend.

Required:

1. Prepare journal entries for the above transactions.

2. Post the above transactions to T Accounts.

3. Prepare a Trial Balance.

4. Prepare adjusting entries in journal format and post to T Accounts.

  • Supplies on Hand December 31 was $400.
  • The Equipment is to be depreciated over 48 months starting with December. (HINT; Record one month depreciation expense).
  • Wages owed but not paid on December 31 was $200.
  • One month of insurance has expired.

5. Prepare an Adjusted Trial Balance.

6. Prepare an Income Statement, Statement of Retained Earnings and a Balance Sheet.

7. Prepare closing entries in journal format and post to the T Accounts.

8. Prepare a Post-Closing Trial Balance.

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