03-PB 1 0126-13 Required information The following information applies to the questions displayed below] Wells Technical Institute (WT), 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. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items a. An analysis of WTI's insurance policies shows that $2,674 of coverage has expired. b. An inventory count shows that teaching supplies costing $2.318 are available at year-end c. Annual depreciation on the equipment is $10.698 d. Annual depreciation on the professional library is $5,349. e. On September 1, WTI agreed to do five training courses for a client for $2.900 each. Two courses will start immediately t. and finish before the end of the year. Three courses will not begin until next year. The client paid $14,500 cash in t advance for all five training courses on September 1, and WTI credited Unearned Revenue. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $5.903 of the tuition revenue has been earned by WTL 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 WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 311 Cash Accounts receivable Debit $27,049 Credit Help Save & Exit Submit Check my work WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Debit Credit Cash Accounts receivable Teaching supplies $ 27,849 0 10,710 Prepaid insurance 16,068 Prepaid rent 2,143 Professional library 32,133 Accumulated depreciation-Professional library Equipment $ 9,641 104,000 Accumulated depreciation-Equipment 17,139 Accounts payable 25,000 Salaries payable 0 Unearned revenue 14,500 T. Wells, Capital 107,996 T. Wells, Withdrawals 42,845 Tuition revenue 109,254 Training revenue 40,702 Depreciation expense-Professional library Depreciation expense-Equipment 0 Salaries expense 51,415 Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 23,573 0 7,498 5,998 $ 324,232 $ 324,232 equired: View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 An analysis of WTI's insurance policies shows that $2,674 of coverage has expired. Note: Enter debits before credits. Transaction 72 a. General Journal Debit Credit Record entry Clear entry View general journal # 80 F3 F4 PD 02 Prev 1 of 3 Next > MacBook Air 15 46 8 177