Wells Technical Institute: Adjusting Entries and Adjusted Trial Balance

Here are the T-accounts after posting the unadjusted trial balance and the adjusting entries:

Cash: Debit - $27,094 Credit -

Accounts Receivable: Debit - Credit -

Teaching Supplies: Debit - $10,420 Credit -

Prepaid Insurance: Debit - $15,632 Credit -

Prepaid Rent: Debit - $2,085 Credit -

Professional Library: Debit - $31,262 Credit -

Accumulated Depreciation—Professional Library: Debit - Credit - $9,380

Equipment: Debit - $98,000 Credit -

Accumulated Depreciation—Equipment: Debit - Credit - $16,675

Accounts Payable: Debit - Credit - $26,000

Salaries Payable: Debit - Credit -

Unearned Revenue: Debit - Credit - $14,500

T. Wells, Capital: Debit - Credit - $99,818

T. Wells, Withdrawals: Debit - $41,684 Credit -

Tuition Revenue: Debit - Credit - $106,293

Training Revenue: Debit - Credit - $39,599

Depreciation Expense—Professional Library: Debit - $7,464 Credit -

Depreciation Expense—Equipment: Debit - $14,929 Credit -

Salaries Expense: Debit - $2,000 Credit -

Insurance Expense: Debit - $3,732 Credit -

Rent Expense: Debit - $22,935 Credit -

Teaching Supplies Expense: Debit - $3,235 Credit -

Advertising Expense: Debit - $7,295 Credit -

Utilities Expense: Debit - $5,836 Credit -

Adjusted Trial Balance:

Cash: $27,094 Accounts Receivable: 0 Teaching Supplies: $10,420 Prepaid Insurance: $15,632 Prepaid Rent: $2,085 Professional Library: $31,262 Accumulated Depreciation—Professional Library: $9,380 Equipment: $98,000 Accumulated Depreciation—Equipment: $16,675 Accounts Payable: $26,000 Salaries Payable: 0 Unearned Revenue: $14,500 T. Wells, Capital: $99,818 T. Wells, Withdrawals: $41,684 Tuition Revenue: $106,293 Training Revenue: $39,599 Depreciation Expense—Professional Library: $7,464 Depreciation Expense—Equipment: $14,929 Salaries Expense: $2,000 Insurance Expense: $3,732 Rent Expense: $22,935 Teaching Supplies Expense: $3,235 Advertising Expense: $7,295 Utilities Expense: $5,836

Total Debits: $312,265 Total Credits: $312,265