a. An analysis of Wil's Insurance policies shows that $2.400 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,800 are available at year-end. c. Annual depreciation on the equipment is $13.200. d. Annual depreciation on the professional library is $7.200. e. On September 1. WTI agreed to do five 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 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, $7.500 of the tuition has been eamed 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 Credit Debit $ 34, eee 8, eee 12,eee 3, eee 35,000 $ 10,000 80,000 15, eee 26,eee 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 T. Wells, Capital T. Wells, Withdrawals 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 12,5ee 90,000 5e,eee 123,980 48,888 @ 50,880 33,000 6,888 6, 4ee $317,480 $317,480 Cash Equipment Unadj. Bal. Unadi. Bal. Adj. Bal Adj. Bal. 0 Accounts Receivable Accumulated Depreciation Equipment Unadj. Bal. Unadj. Bal. Adi. Bal Adi. Bal. 0 Teaching Supplies Accounts Payable Unadj. Bal. Unadi. Bal. Adj. Bal. Adj. Bal 0 Prepaid Insurance Salaries Payable Unadj. Bal. Unadj. Bal. Adi Bal Adj. Bal. Prepaid Rent Unearned Training Fees Unadj. Bal. Unadj. Bal. Adi. Bal Adj. Bal. 0 Professional Library T. Wells, Capital Unadj. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Bal. 0 T. Wells, Withdrawals Accumulated DepreciationProfessional Library Unadj. Bal. Unadi. Bal. Adj. Bal 0 Adj. Bal 0 Tuition Fees Earned Rent Expense Unadj. Bal. Unadj. Bal. Adj. Bal 0 Adj. Bal 0 Training Fees Earned Teaching Supplies Expense Unadi. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Bal 0 Advertising Expense Depreciation Expense-Professional Library Unadj. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Bal. 0 Utilities Expense Depreciation Expense-Equipment Unadj. Bal. Unadi. Bal. Adj. Bal. 0 Adi. Bal 0 Salaries Expense Insurance Expense Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. 0
