Required information

$[$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

a$.$ An analysis of WTI's insurance policies shows that $$2,674$ of coverage has expired.

b$.$ An inventory count shows that teaching supplies costing $$2,318$ are available at year$-$end.

c$.$ Annual depreciation on the equipment is $$10,698.$

d$.$ Annual depreciation on the professional library is $$5,349.$

e$.$ On September $1,$ WTI agreed to do five training courses for a client for $$2,900$ 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

$$14,500$ 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 $31,$ $$5,903$ 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.

drop down options :Equipment

Insurance expense

Prepaid insurance

Prepaid rent

Professional library

Depreciation expense $-$ equipment or library

Cash

Advertising expense

Accumulated depreciation$-$ equipment or professional library

Accounts receivable

Accounts payable

Professional library

Rent expense

Salaried expense

Salaries payable

T$.$wells capital

T wells, withdrawals

Teaching supplies

Teaching supplies expense

Training revenue

Tuition revenue

Unearned revenue

Utilities expense WELLS TECHNICAL INSTITUTE

Unadjusted Trial Balance December $31$

Cash

Accounts receivable

Teaching supplies

Prepaid insurance

Prepaid rent

Professional library

Accumulated depreciation$-$Professional library

Equipment

$\backslash$table$[[$Debit$,$Credit$],[$$$26,340,],[0,],[10,129,],[15,197,],[2,027,],[30,391,],[95,000,$$$9,119],[,16,210],[,24,000],[0,],[,14,500],[,97,640],[,],[,103,332],[,38,496]]$

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 equired:

Prepare the necessary adjusting journal entries for items a through $h.$ Assume that adjusting entries are made only at year$-$enc

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

An analysis of WTI's insurance policies shows that $$2,674$ of coverage has

expired.

Note: Enter debits before credits.