2.

Wells Technical Institute (WTI) 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 athrough h that require adjusting entries on December 31. Additional Information

1. An analysis of WTI's insurance policies shows that $2,400 of coverage has expired.
2. An inventory count shows that teaching supplies costing $2,800 are available at year-end.
3. Annual depreciation on the equipment is $13,200.
4. Annual depreciation on the professional library is $7,200.
5. On September 1, WTI agreed to do five training courses for a client for $2,500 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $12,500 cash in advance for all five training courses on September 1, and WTI credited Unearned Revenue.
6. 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, $7,500 of the tuition revenue has been earned by WTI.
7. 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.
8. The balance in the Prepaid Rent account represents rent for December.

2-a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. 2-b. Prepare an adjusted trial balance.

Req 2A Req 2B Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. Cash Equipment Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Accounts Receivable Accumulated Depreciation Equipment Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Teaching Supplies Accounts Payable Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Prepaid Insurance Salaries Payable Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Adjusted Balance Adjusted Balance Prepaid Rent Unearned Revenue Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Professional Library Common Stock Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Retained Earnings Accumulated Depreciation Professional Library Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Tuition Revenue Dividends Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Training Revenue Rent Expense Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Teaching Supplies Expense Depreciation Expense-Professional Library Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Depreciation Expense-Equipment Advertising Expense Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Salaries Expense Utilities Expense Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Insurance Expense Unadiusted Balance Prepare an adjusted trial balance. WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 Debit Credit Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciationProfessional library Equipment Accumulated depreciationEquipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expenseProfessional library Depreciation expense-Equipment Salaries expense Insurance expense Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expenseProfessional library Depreciation expense Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals WELLS TECHNICAL INSTITUTE Question 2 - Module 2 Assignment Ch 3, 4, 5 - Connect Balance veutmen 31 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals Debit Credit $ 34,000 0 8,000 12,000 3,000 35,000 $ 10,000 80,000 15,000 26,000 0 12,500 10,000 80,000 50,000 123,900 40,000 0 0 50,000 0 33,000 0 6,000 6,400 $ 317,400 $ 317,400 Req 2A Req 2B Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. Cash Equipment Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Accounts Receivable Accumulated Depreciation Equipment Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Teaching Supplies Accounts Payable Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Prepaid Insurance Salaries Payable Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance