Tuition per month payable at end of class

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Reference no: EM131152785

Journalize the following,

a. An analysis of WTI's insurance policies shows that $3,203 of coverage has expired. Prepaid insurance amounts to $10,000

b. An inventory count shows that teaching supplies costing $2,776 are available at year-end 2015. The amount recorded in our Trial balance today is $6,776

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 $2,500, 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 2016. Unearned Training fees recorded in Trial balance today is $12,000

f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,800 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, this balance is $4020.

Reference no: EM131152785

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