GLO302 (Algo) - Based on Problem 3-3A LO P1, P2, P3, P4, P5 Wilson Technical Institute (WTI), a school owned by Jeffrey Wilson, 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, 2022, is found on the trial balance tab. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31 follow. a. An analysis of WTI's insurance policies shows that $2,500 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,080 are available at year-end. c. Annual depreciation on the equipment is $6,200. d. Annual depreciation on the professional library is $11,800. 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 $2,800, and the client paid the first five months' fees in advance. When the cash was received, the Uneamed Training Fees account was credited. 1. 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, $3,000 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 $240 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December WAIwer is not Lomplete. General Requirement Journal General Ledger Trial Balance Income Statement St of Retained Balance Sheet Earnings Impact on income For transactions a-h, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click "record entry". No Date Account Title 1 Dec 31 Insurance expense Prepaid insurance 2 Dec 31 Teaching supplies expense Teaching supplies 3 Dec 31 4 Dec 31 Depreciation expense - Equipment Accumulated depreciation Equipment Depreciation expense - Professional library Accumulated depreciation - Professional library 5 Dec 31 Uneamed training fees Training fees earned 6 Dec 31 Accounts receivable Tuition fees earned 7 Den 31 Salaries avrense 56 55 00 31 Debit Credit 2,500 2,500 3,080 3.080x 6,200 6,200 11.800 11,800 5,800 5.600 3.000 3.000 4 Dec 31 Depreciation expense - Professional library Accumulated depreciation - Professional library 11.800 11,800 5 Dec 31 Unearned training fees 5,600 Training fees earned 5,600 6 Dec 31 Accounts receivable Tuition fees earned 7 Dec 31 Salaries expense Salaries payable 00 00 3,000 3,000 960 960 8 Dec 31 Rent expense Prepaid rent