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Required information 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 $3,996 of coverage has expired. b. An inventory count shows that teaching supplies costing $3.464 are available at year-end. c. Annual depreciation on the equipment is $15.986. d. Annual depreciation on the professional library is $7,993. e. On September 1, WTI agreed to do five courses for a client for $2,600 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 $13,000 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, $13,153 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. Credit $ Debit 26,340 0 10,129 15,197 2,027 30, 391 $ 9,119 70,903 WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 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 T. Wells, Capital T. Wells, Withdrawals 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 16,210 34,612 13,000 64,431 40,523 103, 332 38,496 18,628 22,297 0 7.092 5,673 $ 279,200 $279,200 Cash Equipment Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Accounts Receivable Accumulated Depreciation Equipment Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Teaching Supplies Accounts Payable Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Prepaid Insurance Salaries Payable Unadj. Bal. Unadi. Bal. Prepaid Insurance Salaries Payable Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Prepaid Rent Unearned Training Fees Unadj. Bal. Unadj. Bal. Adj. Ba Adj. Bal. Professional Library T. Wells, Capital Unadj. Bal. Unadj. Bal. Adj. Bal Adj. Bal. T. Wells, Withdrawals Accumulated Depreciation Professional Library Unadj. Bal. Unadj. Bal Accumulated Depreciation Professional Library Unadj. Bal. T. Wells, Withdrawals Unadj. Bal. Adj. Bal. Adj. Bal. Tuition Fees Earned Rent Expense Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Training Fees Earned Teaching Supplies Expense Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal Advertising Expense Depreciation Expense--Professional Library Unadj. Bal. Unadj. Bal. Unadj. Bal. Unadj. Bal. Adi Bal Adj. Bal. L O L Utilities Expense Depreciation Expense Equipment Unadj. Bal. Unadi. Bal. Adj. Bal Adj. Bal. Salaries Expense Insurance Expense Unadj. Bal. Unadj. Bal. Ad. Bal 0 Adi Bali Reg 28 > Credit WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 Debit 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 T. Wells, Capital T. Wells, Withdrawals Tuition fees earned Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment NI ALL Accounts payable Salaries payable Unearned training fees T. Wells, Capital T. Wells, Withdrawals Tuition fees earned Training fees earned Depreciation expense Professional library Depreciation expense-Equipment Salaries expense Insurance expense C Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 53 S / / / 2 / / 11 / s O 10 Req Rec 3B Reg 3C Prepare Wells Technical Institute's statement of owner's equity for the year. Note: there were no owner investments during the year. The T. Wells, Capital account balance was $64,431 on December 31 of the prior year, WELLS TECHNICAL INSTITUTE Statement of Owner's Equity For Year Ended December 31 T. Wells, Capital, December 31 prior year and / / / OLOU T. Wells, Capital, December 31 current year end Req30 >