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 $3.732 of coverage has expired. b. An inventory count shows that teaching supplies costing 53.235 are available at year-end c. Annual depreciation on the equipment is $14,929 d. Annual depreciation on the professional library is $7.464. e. On September 1, WTI agreed to do five courses for a client for $2.400 each. Two courses will start immediately and Tinish before the end of the year. Three courses will not begin until next year. The client paid $12.000 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees on October 15, WTI agreed to teach a four-month class (beginning immediately for an executive with payment the end of the class. At December 31, $12,350 of the tuition has been earned by WTL Wis two employees are paid weekly. As of the end of the year, two days salaries have accrued atne rate day for each employee. h. The balance in the Prepaid Rent account represents rent for December WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Debit 27,094 Credit 10,420 15,632 2,085 31, 262 $ 9,380 72,935 16,675 36,976 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 12,000 66,277 41,684 106,293 39,599 50,022 22,935 7,295 5,836 $ 287,200 $287,200 General Journal Date Description Ref Debit Credit