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Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end.
Adjusting entries (all dated Dec. 31, 2013).

On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,461 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.)

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.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9956634

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