Check my work mode :This shows what is correct or Incorrect for the work you havec 5 0 Required Information The following information applies to the questions displayed below Part 1 of 3 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. Its unadjusted trial balance as of December 31, 2017 follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through hthat require adjusting entries on December 31, 2017, follow. 10 points Additional Information Items a. An analysis of WTI's insurance policies shows that $2,807 of coverage has expired b. An inventory count shows that teaching supplies costing $2.433 are avaliable at year-end 2017 c. Annual depreclation on the equipment is $11227 d. Annual depreciation on the professional library is $5,614 e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,900, and the client paid the first five months fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sath month will be recorded when it is collected in 2018 f. On October 15, WTI agreed to teach a four-month class (beginning Immediately) for an Individual for $2,619 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.) 9. 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 h. The balance in the Prepaid Rent account represents rent for December day for each employee. Onadjuated Trial Balance Decenber 31, 2017 26.49 Accounts receivable Teaching supplies 10.187 15 284 2.039 30.565 Prepaid rent Professional library Aecumulated depreciation-Professionel 1librery Tquipment Accumalated deprecistion-Dqaipment Rocounte payable Ealaries payable Unearned teaining fees Conmon stoek 9,17 1 305 6,303 33,385 14,500 13.000 5 Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-ened Part 1 of 3 3 Answer is not complete. Debit Credit General Journal Transaction No 10 pcints 2,807 Insurance expense 2,807 Prepaid insurance b. Teaching supplies expense Teaching supplies O11.227 C Depreciation expense-Equipment 1,227 d. Acoumulated depreciation-Professional ibrary Uneamed training fees Training fees eamed Accounts receivable Tuition fees earned Salaries expense Salaries payable Rent expense Prepaid rent 567:of81ll Next Prey