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 courses for a client for $2,800 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 $14,000 cash in advance for all five 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, $10,048 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. Credit WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Debit $ 26,491 10,187 15,284 2,039 30,565 $ 9,171 103,000 16,303 22,000 @ 14,000 32,380 76.900 Help Save & Exit Subr Check my worke $ 9,171 103,000 16,303 22,000 3 14,000 32,380 76,000 Accumulated depreciation-Professional Library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings 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 40,755 103,924 38, 717 @ 48,907 22,429 7,132 5,706 $ 312,495 es $312,495 Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. 3 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 Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. ces Cash Equipment Unadj. Bal Unadj. Bal Adj. Bal 0 Adj. Bal. 0 Accounts Receivable Accumulated Depreciation Equipment Unadj. Bal Unadj. Bal. Adj. Bal 0 Adj. Bal 0 Teaching Supplies Accounts Payable of 3 3-a. Prepare Wells Technical Institute's income statement for the year. 3-b. Prepare Welis Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $76,000 on December 31 of the prior year. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31 Complete this question by entering your answers in the tabs below. Ded Req 3A Req 3B Reg 3C ook Prepare Wells Technical Institute's income statement for the year, int ences WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31