2 Required Information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO A1, P1, P2, P3 Part 1 af 3 The following information applies to the questions displayed below] Wells Technical Institute (WTI), 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. Its unadiusted trial balance as of December 3 2017 lallows. WT inidally fecords prepad 21 2017 n balance sheet accounts. Descriptions of items a through pcints require adjusting entries Sklppod Additional Information Items a. An analysis of WTI's insurance policies shows that $3,468 of coverage has expired. Aonual depreciation.on the equipment is $13 8z sting $3,006 are available a d. Annual depreciation on the professional library is $6,936 e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a aBack year-end 2017 Deferences Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2018. f On October , WTI agreed to teach a four-month class (beginning immediately) for an individual for $4,019 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been recelved. (WTIS 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. tinediusted ial Belence. Dacanber 31, 2017 Debit 27 ,390 Credit rece:vable 15806 Pe a1 1ibrary 610 Accumuleted depreciation-Profeesionel library acaumalatead depreciation-Equipmant 9,404 73,751 16,861 35,522 Enaarna oos 67 016 T. Wells, withdrawals 2.149 67,016 T. Wla, Caatal 42,149 2 Tuition feee earned 107,477 40,040 Tenzeaistion expense-Professional library Baiaries crn Bquipment so,575 Rent exnanse 23.188 Part 1 of 3 aertiaine axpensse 7,376 ties expece $290,400 $290, 400 Totala 10 points Skippe Problem 3-3A Part 1 Bonk Required: Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. eder View transaction list Journal entry worksheet 7 8 5 of WTI's insurance policies shows that s3,468 of coverage has ovpired Note: Entar dealts befare credits Credit Transaction General Jounal Debit a