Check my work s Required information [The following information applies to the questions displayed below.] Wells Technical Institute (WTI) 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 $3,335 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,891 are available at year-end. c. Annual depreciation on the equipment is $13,342. d. Annual depreciation on the professional library is $6,671. e. On September 1, WTI agreed to do five training 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 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, $9,403 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 Cash Accounts receivable Teaching supplies WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Debit $ 26,038 0 10,013 Accumulated depreciation-Professional library Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Equipment Accounts payable Salaries payable Equipment 15,023 2,004 30,043 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 Credit $ 9,014 100,000 16,025 24,000 14,000 24,671 78,000 40,059 102,148 38,055 48,071 22,044 0 7,010 5,608 $ 305,913 $ 305,913 Req 2A Req 2B Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. Unadjusted Balance Cash Unadjusted Balance Equipment Adjusted Balance Adjusted Balance Accounts Receivable Accumulated Depreciation-Equipment Unadjusted Balance Unadjusted Balance Adjusted Balance 0 Adjusted Balance 0 Teaching Supplies Accounts Payable Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Prepaid Insurance Salaries Payable Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Prepaid Rent Unearned Revenue Unadjusted Balance Unadjusted Balance Adjusted Balance 0 Adjusted Balance 0 Professional Library Common Stock Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Accumulated Depreciation-Professional Library Retained Earnings Unadjusted Balance Unadjusted Balance Adjusted Balance 0 Adjusted Balance 0 Tuition Revenue Dividends Unadjusted Balance Unadjusted Balance Adjusted Balance 0 Adjusted Balance 0 Training Revenue Rent Expense Unadjusted Balance Unadjusted Balance Adjusted Balance 0 Adjusted Balance Depreciation Expense-Professional Library Teaching Supplies Expense Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Depreciation Expense-Equipment Advertising Expense Unadjusted Balance Unadjusted Balance Adjusted Balance 0 Adjusted Balance 0 Unadjusted Balance Salaries Expense Utilities Expense Unadjusted Balance Adjusted Balance Unadjusted Balance 0 Insurance Expense Adjusted Balance Adjusted Balance 0 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Debit Credit 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 $ 0 $ 0