Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P6 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 2. An analysis of WTI's insurance policies shows that $4,129 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,578 are available at year-end. c. Annual depreciation on the equipment is $16,515. d. Annual depreciation on the professional library is $8,258. e. On September 1, WTI agreed to do five courses for a client for $2,800 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 $14,000 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, $13,300 of the tuition has been earned by WTI. 9. 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 Problem 3-3A Part 2 2... Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts. 2-6. Prepare an adjusted trial balance. Complete this question by entering your answers in the tabs below. Reg 2 Reg 28 Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts. Cash Equipment Und Bal Una Bul Adi. Bal 0 Adj. Bal 0 Accounts Receivable Unad Bal Accumulated Depreciation Equipment Unadi. Bal Ad Bal 0 Ad Bal 0 Teaching Supplies Accounts Payable Unadi. Bol Unad. Bat Ad. Bu Adj. Bal. 0 WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 26,189 10,071 15,110 2,015 30,217 $ 9,066 70,500 16,117 33,340 14,000 64,062 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 40,291 102,740 38,275 0 48,350 0 22, 165 0 7,051 5,641 $ 277,600 $277,600 Reg 2A Req 20 Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts Cash Unad. Bal. Equipment Unada A. Bal Adj. Bal Accounts Receivable Unadj. Bali Accumulated Depreciation Equipment Unadi. Bai A. Bai Adj Bal 0 Teaching Supplies Accounts Payable Unad, Bal & Unad Bal Adj. Bal Adj. Prepaid Insurance Salarie Payable Unad Bal Unad. Bat. M. Bal Adal Prepaid Rent Uneamed Training und Bal Unad Bar Adj. Pury Twell. Capital Una al Unad B dal AdB We With Uned that Accumulated Depreciation Professional Library Unadj. Bal. T. Wells, Withdrawals Unadi. Bal Adj. Bal. Adj. Bal Tultion Fees Earned Rent Expense Unadj. Bal Unadj. Bal. Adj. Bal. Adj. Bal. 0 Training Fees Eamed Teaching Supplies Expense Unadj. Bal Unadj. Bal. Adj. Bal 0 Adj. Bal Advertising Expense Depreciation Expense Professional Library Unad), Bal Unad). Bal + O Adj. Bal. 0 Adj. Bal Utilities iepense Depreciation Expense Equipment Unadj. Bal. Unadj. Bal 0 Adj. Bal. 0 Adj. Bal. Inourance Expense Unadj. Bal Unad. Bal 0 Adj. Bal Adj. Bal Reg 2 > VU. WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 Deblt Credit Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation Professional library Equipment Accumulated depreciation-Equipment Accounts payable Selais payable Uneamed training fees T. Wells, Capital T. Wes Wendrawals Tuition fees earned Training foes comed Depreciation expense Professional library Depreciation expense Equipment Salaries expenso Insurance expense Pant pense Teaching supplies expense Advertising expenso Us expenso Total os $ Red 2A