it sees incomplete

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. Its unadjusted trial balance as of December 31, 2020, 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 WTl's Insurance policies shows that $2,400 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,800 are available at year-end. c. Annual depreciation on the equipment is $13,200. d. Annual depreciation on the professional library is $7,200. 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 $2,500, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Revenue account was credited 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, $7,500 of the tuition revenue has been earned by WTI. g. Wil'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 Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income You may view either the unadjusted or adjusted trial balance by choosing from the drop down box below. Your choice will determine the reported values on the financial statement tabs. Saved pter 3 Assignment i Wells Technical Institute Balance Sheet December 31, 2020 Assets Current assets Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent A t t tt 34,000 7,500 2,800 9,600 0 0 Total current assets $ 53,900 35,000 (17,200) 17,800 Plant assets Professional library Accumulated depreciation - Professional library Professional library, net Equipment Accumulated depreciation - Equipment Equipment, net Total plant assets Total assets 80,000 (28,200) 51,800 69,600 123,500 $ Liabilities Current liabilities 1 MO AAN