The necessary adjusting journal entries for items a through h are:
Wells Technical Institute Adjusting journal entries
a) Dec 31
Dr Insurance Expense $2,400
Cr Prepaid Insurance $2,400
b) Dec 31
Dr Teaching Supplies Expense $5,200
Cr Teaching Supplies $5,200
($8,000-$2,800)
c) Dec 31
Dr Depreciation Expense- Equipment $13,200
Cr Accumulated Depreciation- Equipment $13,200
d) Dec 31
Dr Depreciation Expense -Prof Library $7,200
Cr Accumulated Depreciation- Prof Library $7,200
e) Dec 31
Dr Unearned Revenue $5,000
Cr Training Revenue $5,000
($2,500×2 courses)
f) Dec 31
Dr Account Receiveble $7,500
Cr Tuition Revenue $7,500
g) Dec 31
Dr Salaries Expense $400
Cr Salaries Payable $400
($100×2 employees×2 days)
h) Dec 31
Dr Rent Expense $3,000
Cr Prepaid Rent $3,000
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