An analysis of WTI's insurance policies shows that $$2,400$ of coverage has expired.

An inventory count shows that teaching supplies costing $$2,800$ are available at year$-$end.

Annual depreciation on the equipment is $$13,200.$

Annual depreciation on the professional library is $$7,200.$

On September $1,$ WTI agreed to do five training 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 training courses on September $1,$ and WTI credited Unearned Revenue.

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 revenue has been earned by WTI.

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.

The balance in the Prepaid Rent account represents rent for December.