Part 2 of 3 666 points Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3 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. Its unadjusted trial balance as of December 31, 2017, follows. 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, 2017, follow. Additional Information Items Print lo a. An analysis of WT's insurance policies shows that $3,468 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,006 are available at year-end 2017 c. Annual depreciation on the equipment is $13,871 d. Annual depreciation on the professional library is $6,936. 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 $2700, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2018 . On October 15, WTI agreed to teach a four month class (beginning immediately for an individual for $4.119 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WT'S accruals are applied to the nearest half month, for example, October recognizes one-half month accrual) 9. WTis two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of 5100 per day for each employee h. The balance in the Prepaid Rent account represents rent for December 2 WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31, 2017 Part 2 of 3 Debit $ 26,944 Credit 6.66 points 10, 362 15,545 2,073 31,088 9,328 72,533 eBook 16,582 35,202 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional Library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipnent 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 Print 13,5ee 12, eee 53,988 41,452 References 105,701 39,379 49,743 22,803 7,254 5,803 $285,600 $285,600 Dashboard SCCCD Portal Grades for Jaspreet Kaur Aceta 4A - 21... Assignments: Aceto 4A - 21475 - 2021 S. M Question 2 - Ch 03 Ch 03 Problem(s) Served 2 Required information 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. Part 2 of 3 Complete this question by entering your answers in the tabs below. 6.66 points Req 2A Reg 28 Prepare an adjusted trial balance. eBook Print Credit References WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31, 2017 Debit Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation Professional library Equipment Accumulated depreciation Equipment Accounts payable Salarios payable Uneamed training fees Common stock 7.000 10,000 2 O Required information Part 2 of 3 6.66 points eBook Prepaid rent Professional library Accumulated depreciation Professional library Equipment Accumulated depreciation Equipment Accounts payable Salaries payable Uneamed training fees Common stock Retained earnings Dividends Tuition fees eamed Training fees earned Depreciation expense_Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals Print References $ 0