Additional Information Items a. An analysis of WTI's Insurance policies shows that $3,335 of coverage has expired. b. An Inventory count shows that teaching supplies costing $2,891 are available at year-end. c. Annual depreciation on the equipment is $13,342. d. Annual depreciation on the professional library is $6,671. e. On September 1, WTI agreed to do five training 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 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, $9,903 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. Cash Accounts receivable Teaching supplies WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue T. Wells, Capital Tuition revenue T. Wells, Withdrawals Training revenue Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals Debit $ 27,698 Credit 0 10,652 15,981 2,132 31,958 $ 9,589 100,000 17,046 26,000 0 13,000 104,267 42,613 108,661 40,482 0 10 $1,136 0 23,452 0 7,457 5,966 $ 319,045 $ 319,045 Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end.