complete the following descriptions related to temporary and permanent account

TpAis The Grand Tour The following information applies to the questions displayed below. Watson Technical Institute (WTI), a school owned by Tom Watson, 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 at December 31, 2015, follows. WTI initially records prepaid expenses and unearned revenues in statement of financial position accounts. Descriptions of items a through h that require adjusting entries on December 31, 2015, follow. Additional Information Items a. An analysis of WTI's insurance policies shows that $3,864 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,349 are available at year-end 2015. c. Annual depreciation on the equipment is $15,458. d. Annual depreciation on the professional library is $7,729. 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 $2,400, 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 sixth month will be recorded when it is collected in 2016. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,200 tultion per month peyable 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.) 1. g. WTI's two employees are paid weekly. As at 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. WATSON TECHNICAL INSTITUTE Unadjusted Trial Balance December 31, 2015 DebitCredit Cash s 27,396 Accounts recelvable 10,536 5,806 2,108 31,610 Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated Accounts payable $ 9,484 73,748 16,861 37,522 Salaries payable Unearned training fees T. Watson, Capital 12,000 67016 7