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. 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 that require adjusting entries on December 31. Additional Information Items a. An analysis of WTI's insurance policies shows that $3,203 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,776 are available at year-end. c. Annual depreciation on the equipment is $12,814. d. Annual depreciation on the professional library is $6,407. e. On September 1, WTI agreed to do five courses for a client for $2,600 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 $13,000 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees. f. 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, $9,250 of the tuition has been earned by WTI. 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. bes WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 27,396 0 10,536 15,806 2,108 31,610 $ 9,484 95,000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation Professional library Equipment Accumulated depreciation Equipment Accounts payable Salaries payable Unearned training fees Common stock Retained earnings Dividends Tuition fees earned Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 16,861 27,000 0 13,000 12,787 85,000 42,149 107,477 40,040 0 50,579 0 23,188 7,376 5,901 $311,649 $311,649 Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts. Cash 27,396) Equipment 95.000 Unadj. Bal. Unadj. Bal. Adj. Bal. 27.396 Adj. Bal 95.000 Accounts Receivable 0 Accumulated Depreciation Equipment Unadj. Bal. Unadj. Bal. 16,861 Adj. Bal. 0 Adj. Bal. 16,861 Teaching Supplies Accounts Payable Unadj. Bal. 0 Unadj. Bal. 27,000 Adj. Bal. 0 Adj. Bal. 27.000 Salaries Payable Prepaid Insurance 15,806 Unadj. Bal. Unadj. Bal. 0 Adi Bal. 15,806 Adj. Bal 0 Unearned Training Fees Prepaid Rent 2,108 Unadj. Bal. Unadj. Bal. 13,000 Adj. Bal. 2,108 Adj. Bal. 13,000 Common stock Professional Library 31,610 Unadj. Bal. Unadj. Bal. 12,787 Adj. Bal 31,610 Adj. Bal. 12,787 Retained earnings Accumulated Depreciation Professional Library Unadj. Bal. 9,484 Unadj. Bal. 85,000 Adj. Bal. 9,484 Adj. Bal. 85,000 Tuition Fees Earned Dividends 42,149 Unadj. Bal. 107,477 Unadj. Bal. Adj. Bal. 107,477 Adj. Bal. 42,149 Training Fees Earned Unadj. Bal. Rent Expense 23,188 40,040 Unadj. Bal. Adj. Bal. 40,040 Adj. Bal. 23,188 Depreciation Expense-Professional Library Teaching Supplies Expense Unadj. Bal. 0 Unadj. Bal. 0 Adj. Bal. Adj. Bal. 0 Depreciation Expense-Equipment Unadj. Bal 0 Unadj. Bal. Advertising Expense 7,376 Adj. Bal. Adj. Bal. 7,376 Salaries Expense 50,579 Utilities Expense 5,901 Unadj. Bal. Unadj. Bal. Adj. Bal. 50,5791 Adj. Bal. 5,901 Insurance Expense 0 Unadj. Bal. Adj. Bal. 0 Complete this question by entering your answers in the tabs below. Reg 2A Reg 2B Prepare an adjusted trial balance. WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 Debit Credit Cash S 27,396 Accounts receivable 17,050 Teaching supplies 2.776 Prepaid insurance 12,603 Prepaid rent 0 Professional library 31,610 Accumulated depreciation $ 15,891 Professional library Equipment 95,000 Accumulated depreciation- 29,675 Equipment Accounts payable 27,000 Salaries payable 400 Unearned training fees 23,400 Common stock 12,787 Retained earnings 47,840 Dividends 42,149 Tuition fees earned 116,727 Training fees earned 45,240 Depreciation expense-Professional library 6,407 Depreciation expense-Equipment 12,814 Salaries expense 50,579 Insurance expense 3,203 Rent expense 25,296 Teaching supplies expense 7.760 Advertising expense 7,376 Utilities expense 5,901 Totals S 347,920 S 318,960