Answer to both 2-a and 2-b

Required information [The following information applies to the questions displayed below.) Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through h that require adjusting entries on December 31 Additional Information Items a. An analysis of WTl's Insurance policies shows that $3,732 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,235 are available at year-end. c. Annual depreciation on the equipment is $14.929. d. Annual depreciation on the professional library is $7464 e. 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. 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, $12,100 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 Credit Debit $ 26,189 10,071 15,110 2,015 30,217 $ 9,066 99,000 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 T. Wells, Capital T. Wells, Withdrawals 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 16,117 23,000 @ 12,500 104, 402 40,291 102,740 38,275 48,350 22,165 @ 7,051 5,641 $ 306,100 $ 306,100 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. Reg 2A Reg 28 Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. Cash 26 189 Unadjusted Balance Equipment 99,000 Unadjusted Balance Adjusted Balance 26 189 Adjusted Balance 99,000 Accounts Receivable 10,071 Unadjusted Balance Accumulated Depreciation Equipment Unadjusted Balance Adjustod Balance 10,071 Adjusted Balance 0 Teaching Supplies Accounts Payable Unadjusted Balance Unadjusted Balance Adjustod Balonce Adjusted Balance Required information Prepaid Insurance Salaries Payable Unadjusted Balance Unadjusted Balance Adjustod Balance Adjusted Balance Prepaid Rent Unearned Revenue Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance 0 Professional Library T. Wells, Capital Unadjusted Balance Unadjusted Balance Adjusted Balance Adjustod Balance 0 Accumulated Depreciation Professional Library Unadjusted Balance T. Wells, Withdrawals Unadjusted Balance Adjusted Balance 0 Adjusted Balance Required information Tuition Revenue Rent Expense Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Training Revenue Teaching Supplies Expense Unadjusted Balance Unadjusted Balance Adjustod Balance Adjusted Balance Advertising Expense Depreciation Expense-Professional Library Unadjusted Balance Unadjusted Balance Adjusted Balance 0 Adjusted Balance Utilities Expense Depreciation Expense-Equipment Unadjustod Balance Mnadjusted Balance Adjusted Balance Adjustod Balance 0 Salaries Expense Insurance Expense Unadjusted Balance Unadjusted Balance Adjusted Balance 0 Adjusted Balance 0 Rec2 Req 2B > Debit Credit $ 26,189 10,071 15,110 2,015 30,217 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 T. Wells, Capital T. Wells, Withdrawals Tuition revenue Training revenue Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense 0 Required information 15 110 2,015 30,217 Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation Equipment Accounts payable Salaries payable Unearned revenue T. Wells, Capital T. Wells, Withdrawals Tuition revenue Training revenue Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense