Ch 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 WTI's Insurance policies shows that $3,600 of coverage has expired. b. An inventory count shows that teaching supplies costing $3.120 are available at year-end. c. Annual depreciation on the equipment is $14,400. d. Annual depreciation on the professional library is $7.200. e. On September 1. WTI agreed to do five 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 courses on September 1, and WTI credited Unearned Training Fees 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, $11,950 of the tuition 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 empidyee. h. The balance in the Prepaid Rent account represents rent for December WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 $ 28, 302 a 10,884 16,329 2,178 32,655 $ 9,798 103,000 17,418 22, eee Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned training fees Common stock Retained earnings Dividends Tuition fees earned Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 11,5ee 34,705 79, eee 43,542 111, e3e 41,364 @ 52,251 e 23,958 7,620 6,096 $ 326,815 $326,815 of 6 2-a. Post the balance from the unadjusted trial balance and the adjusting entries in to 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 in to the T-accounts. Equipment Cash 28,302 Unadj. Bal. Unadj. Bal. 28,302 Adj. Bal. 0 Adi. Bal Accounts Receivable Accumulated Depreciation Equipment inarli Ral Inari Rai Required information Accounts Receivable Accumulated Depreciation Equipment Unadj. Bal. Unadj. Bal Adj. Bal. Adj. Bal 0 Teaching Supplies Accounts Payable Unadj. Bal. Unadi. Bal. Adj. Bal. 0 Adj. Bal. 0 Prepaid Insurance Salaries Payable Unadj. Bal Unadj. Bal. Required information Prepaid Rent Unearned Training Fees Unadj. Bal. Unadj. Bal. 0 Adj. Bal. Adj. Bal. Professional Library Common stock Unadj. Bali Unadj. Bal. 0 0 Adj. Bal Adj. Bal Retained earnings Accumulated Depreciation-Professional Library Unadi. Bal Unadj. Bal. n Ad Bal Required information Tuition Fees Eamed Dividends Unadj. Bal. Unadj. Bal Adj. Bal 0 Adj. Bal 0 Training Fees Earned Rent Expense Unadj. Bal. Unadj. Bal Adj. Bal 0 Adj. Bal 0 Depreciation Expense-Professional Library Teaching Supplies Expense Unadj. Bal Unadj. Bal. Adi B Adi Ral Required information Depreciation Expense-Equipment Advertising Expense Unadj. Bal. Unadj. Bal. 0 0 Adj. Bal Adj. Bal. Salaries Expense Utilities Expense Unadj. Bal. Unadi. Bal 0 0 Adj. Bal. Adi Bal Insurance Expense Unadj. Bal Adi Ral Required information Req 2A Req 2B Prepare an adjusted trial balance. WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 Debit Credit Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation Equipment
