(523) Due Feb 8 i Saved 3 Part 2 of 3 8005944 Required information [The following information applies to the questions displayed below.] Wells Technical Institute (WT) 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 $3,468 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,006 are available at year-end. c. Annual depreciation on the equipment is $13,871. d. Annual depreciation on the professional library is $6,936. e. On September 1, WTI agreed to do five training courses for a client for $2,300 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 $11,500 cash in advance for all five training courses on September 1, and WTI credited Unearned Revenue. 1. 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, $11,298 of the tuition revenue 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. WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Debit Credit Cash Accounts receivable Teaching supplies $ 26,491 10,187 Prepaid insurance 15,284 Prepaid rent 2,039 Professional library 30,565 Accumulated depreciation-Professional library $9,171 Equipment 96,000 Accumulated depreciation-Equipment 16,303 Accounts payable 26,000 Salaries payable Unearned revenue 11,500 Common stock Retained earnings Dividends Tuition revenue Training revenue 15,880 84,000 40,755 103,924 38,717 Feb 8 i Saved 3 art 2 of 3 Cash Accounts receivable Teaching supplies Prepaid insurance WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Debit Credit $ 26,491 0 10,187 15,284 Prepaid rent 2,039 Professional library 30,565 Accumulated depreciation-Professional library $9,171 Equipment 96,000 00:59:13 Accumulated depreciation-Equipment 16,303 Accounts payable 26,000 Salaries payable 0 Unearned revenue 11,500 Common stock 15,880 Retained earnings 84,000 Dividends 40,755 Tuition revenue 103,924 Training revenue 38,717 Depreciation expense-Professional library Depreciation expense-Equipment 0 Salaries expense 48,907 Insurance expense 0 Rent expense 22,429 Teaching supplies expense Advertising expense Utilities expense Totals 0 7,132 5,706 $ 305,495 $ 305,495 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. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Prepare an adjusted trial balance. WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 3 Required information Prepare an adjusted trial balance. WELLS TECHNICAL INSTITUTE Adjusted Trial Balance Part 2 of 3 Cash 00:58:59 Accounts receivable Teaching supplies Prepaid insurance Prepaid rent December 31 Debit Credit Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Uneamed revenue Common stock Retained eamings 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 $ 0 S 0 Saved