Required information Problem 3-3A (Static) 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 Techinical institute (WTI) 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 balapce 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 a. An analysis of WTis insurance policles shows that $2.400 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,800 are availoble 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 tive 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. 1. 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. 9. 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. \begin{tabular}{|l|l|l|} \hline Unadjusted Ealance & & \\ \hline & & \\ \hline & & \\ \hline Adjusted Ealance: & & \\ \hline \end{tabular} Arcounts Areclyata Aceunulated Deprectation-Figioment \begin{tabular}{|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Accumulated Dogreciation-Profoesfional Library } \\ \hline Unadjusted Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline Adjusted Balance & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline & Fatained Emrmings \\ \hline Unadjusted Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline Adjusted Balance & & & \\ \hline & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Unadjusted Balanoe & & & \\ \hline & & & \\ \hline & & & \\ \hline Adjusted Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Unadjusted Balance & & & \\ \hline & & & \\ \hline Adjusted Balance & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Insurance Expense } \\ \hline Unadjusted Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline Adjusted Balance & & & \\ \hline \end{tabular}