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EXIE Submit Fork mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question ! Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P5, P6 [The following information applies to the questions displayed below) 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. 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 $2,939 of coverage has expired. b. An Inventory count shows that teaching supplies costing $2,547 are available at year-end c. Annual depreciation on the equipment is $11.756. d. Annual depreciation on the professional library is $5,878. e. On September 1, WTI agreed to do five courses for a client for $2,700 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 $13,500 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees 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, $7.700 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 $100 per day for each employee h. The balance in the Prepaid Rent account represents rent for December WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 SD Prey of 4 Next Saved Help Save & Exit Sul mode : This shows what is correct or incorrect for the work you have completed so f does not indicate completion. Return to question WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 27,396 8 10,536 15,806 2,188 31,618 $ 9,484 97, eee Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned training fees Common stock Retained earnings Dividends Tuition fees earned Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 16,861 21, eee e 13,5ee 21,287 84, eee 42,149 107,477 48, 040 50,579 e 23,188 7,376 5,901 $ 313,649 $313,649 Problem 3-3A Part 2 2-a. Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts 2-b. Prepare an adjusted trial balance Req 2A Reg 2B Prepare an adjusted trial balance. Credit $ 9,484 WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 Debit Cash $ 27,396 Accounts receivable 7.700 Teaching supplies 7.989 Prepaid insurance 15,806 Prepaid rent 2,108 Professional library 31,610 Accumulated depreciation Professional library Equipment 97,000 Accumulated depreciation Equipment Accounts payable Salaries payable Unearned training fees Common stock Retained earnings Dividends 42,149 Tuition fees earned Training fees earned Depreciation expense Professional library 5,878 Depreciation expenso Equipment 11,756 Salaries expense 50,579 Insurance expense 2.939 Rent expense Teaching supplies expense 7,989 Advertising expense 7,376 Utilities expenso 5,901 Totals S 324,176 18,861 21,000 400 13,500 21,287 84,000 107,4773 40,040 $ 316,049