Required information Problem 3-3A (Algo) Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P5 [The following information applies to the questions displayed below.) Wells Technical Institute (WT) 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 uneamed revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through 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 training 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 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, $10,548 of the tuition revenue has been earned by WTI. g. WT'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 11 Cash Accounts receivable Teaching supplies Debit $ 26,442 Credit 10,245 Prepaid insurance 15,371 Prepaid runt 2,050 Professional library 30,739 depreciation Professional Library $9,223 101,000 Accumulated depreciation-Equipment 16,396 Accounts payable 25,000 Salaries payable Unearned rEVENUE 13,000 27,610 Retained warnings 77,000 Dividenda 40,988 Tuition revenue 104,516 Training revenue 30,937 Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent pane Teaching supplies expans Advertising Utilities expense Totals 22,550 7,173 5,738 $ 311,482 $311,682 Problem 3-3A (Algo) Part 2 2-a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. 2-b. Prepare an adjusted trial balance. Complete this question by entering your answers in the tabs below. Req 24 Req 28 Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. Unadjusted Balance Cash Unadjusted Balance Equipment Adjusted Balance Adjusted Balance Accounts Receivable Accumulated Depreciation-Equipment Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Teaching Supplies Accounts Payable Unadjusted Balance 10,245 -7.239 Unadjusted Balance Adjusted Balance 3,00 Adjusted Balance Prepaidurance Salaries Payable Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Prepaid Rant Unearned Revenue Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Professional Library Common Stock Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Accumulated Depreciation Professional Library Retained Earnings Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Tuition Revenue Dividends Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Training Revenue Rent Expense Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Depreciation Expense-Professional Library Teaching Supplies Expense Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Depreciation Expense-Equipment Advertising Expense Unadjusted Balance Unadjusted Balance