hapter-3 homework Questions 1- 3 (of 3) The following information applies to the questions displayed below) Wetson Technical Institute (WT), a school owned by Tom Watson, provides training to Individuals who pay tution directly to the school. WTI also offers treining 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 policles shows that $3,732 of coverage has expired b. An inventory count shows that teaching supplies costing $3,235 are available at year-end 2015 c. Annual depreclation on the equipment is $14,929 d. Annual depreclation on the professional library is $7,464 e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a dlent. The contract calls for a monthly fee or $200, and the dient paid the first five months' fees In advance, when the cash was recelved, the Uneaned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected In 2016. t. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an Individual for $4,640 tultion per month payable at the end of the class. The class started on October 15, but no payment has yet been recetved. (WTI's accruals are applied to the nearest haif-month; for example, October recognizes one- half month accrual.) g. WTI's two employees are pald 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 Cash Accounts receivable Debit Credit S 28151