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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 $3,468 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,006 are available at year-end. C. Annual depreciation on the equipment is $13,871. d. Annual depreciation on the professional library is $6,936. e. On September 1, WTI agreed to do five courses for a client for $2,200 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 $11,000 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, $11,548 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 Credit Debit $ 26,944 0 10,362 15,545 2,073 31,088 $ 9,328 96,000 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 16,582 26,000 0 11,000 20,077 81,000 41,452 105,701 39,379 49,743 22,803 7,254 5,803 $ 309,067 Totals $309,067 Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 An analysis of WTI's insurance policies shows that $3,468 of coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 An inventory count shows that teaching supplies costing $3,006 are available at year-end. 3 Annual depreciation on the equipment is $13,871. 4 Annual depreciation on the professional library is $6,936. 5 On September 1, WTI agreed to do five courses for a client for $2,200 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 $11,000 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees. 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, $11,548 of the tuition has been earned by WTI. 7 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. 8 The balance in the Prepaid Rent account represents rent for December. Note : = journal entry has been entered 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. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts. 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. 0 Adj. Bal. 0 Prepaid Insurance Salaries Payable Unadj. Bal. Unadj. Bal. Adj. Bal. L O L Adj. Bal. 0 Prepaid Rent Unearned Training Fees Unadj. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Bal. 0 Professional Library Common stock Unadj. Bal. 1 Unadj. Bal. Adj. Bal. Adj. Bal. T o Retained earnings Accumulated Depreciation Professional Library Unadj. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Bal. 0 Tuition Fees Earned Dividends Unadj. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Balo Training Fees Earned Rent Expense Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Depreciation Expense-Professional Library Teaching Supplies Expense Unadj. Bal. Unadj. Bal. Adi. Bal. Adi. Bal. Depreciation ExpenseEquipment Advertising Expense Unadj. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Bal. 0 Salaries Expense Utilities Expense Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Insurance Expense Unadj. Bal. Adj. Bal. L o Credit WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 Debit Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciationProfessional library Equipment Accumulated depreciation Equipment Accounts payable Salaries payable Unearned training fees Common stock Retained earnings Dividends Tuition fees earned Training fees earned Depreciation expenseProfessional library Accumulated depreciationProfessional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned training fees Common stock Retained earnings Dividends Tuition fees earned Training fees earned Depreciation expenseProfessional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 0 $ 3-a. Prepare Wells Technical Institute's income statement for the year. 3-b. Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $81,000 on December 31 of the prior year. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31. Complete this question by entering your answers in the tabs below. Req Req 3B Req 30 Prepare Wells Technical Institute's income statement for the year. WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 Prepare Wells Technical Institute's income statement for the year. WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 Complete this question by entering your answers in the tabs below. Req Req 3B Req 3C Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $81,000 on December 31 of the prior year. WELLS TECHNICAL INSTITUTE Statement of Retained Earnings For Year Ended December 31 Retained earnings, December 31 prior year end Retained earnings, December 31 current year end Prepare Wells Technical Institute's balance sheet as of December 31. Include all balance sheet accounts, even those with zero balances. WELLS TECHNICAL INSTITUTE Balance Sheet December 31