Additional Information Items a. An analysis of WTI's insurance policies shows that $3,071 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,662 are available at year-end. c. Annual depreciation on the equipment is $12,285. d. Annual depreciation on the professional library is $6,142. 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. 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, $9,350 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 Cash Accounts receivable Teaching supplies Debit $ 26,793 Credit 0 10,304 Prepaid insurance 15,458 Prepaid rent 2,062 Professional library 30,913 Accumulated depreciation-Professional library Equipment $ 9,275 99,000 Accumulated depreciation-Equipment 16,489 Accounts payable 25,000 Salaries payable 0 Unearned revenue Common stock 11,500 25,351 Rent expense Advertising expense Utilities expense Totals Retained earnings Dividends Tuition revenue Training revenue Depreciation expense-Equipment Salaries expense Insurance expense Teaching supplies expense 79,000 41,220 105,108 39,158 Depreciation expense-Professional library 0 0 49,464 0 22,682 0 7,214 5,771 $ 310,881 $ 310,881