Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts
a. An analysis of WTI'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 September 1, WTI agreed to do five training courses for a client for $2,500 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 $12,500 cash in advance for all five training courses on September 1, and WTI credited Unearned Revenue. 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. 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 $ 34,000 8,000 12,000 3,000 35,000 $ 10,000 8 80,000 15,000 26,000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue T. Wells, Capital T. Wells, Withdrawals Tuition revenue Training revenue Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 12,500 90,000 50,000 123,900 40,000 50,000 33,000 0 6,000 6,400 $ 317,400 $ 317,400 Last Cquipment Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance 0 Accounts Receivable Accumulated Depreciation-Equipment Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Teaching Supplies Accounts Payable Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Prepaid Insurance Salaries Payable Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance 0 Prepaid Rent Unearned Revenue Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Professional Library T. Wells, Capital Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance T. Wells, Withdrawals Accumulated Depreciation Professional Library Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Tuition Revenue Rent Expense Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Training Revenue Teaching Supplies Expense Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Advertising Expense Depreciation ExpenseProfessional Library Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Utilities Expense Depreciation Expense-Equipment Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Salaries Expense Insurance Expense Unadjusted Balance Unadjusted Balance An-I---- A... ---- Prepare an adjusted trial balance. Accounts receivable Adjusted Trial Balance December 31 Debit Credit Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation Equipment Accounts payable Salaries payable Unearned revenue T. Wells, Capital T. Wells, Withdrawals Tuition revenue Training revenue Depreciation expenseProfessional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals $ 0 $ 0
