Required Information [The following information applies to the questions displayed below] Wells Technical Institute (WTy 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 $3.235 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 training courses for a client for $2.300 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 $11.500 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, $12,600 of the tuition revenue has been earned by WTL 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. h. The balance in the Prepaid Rent account represents rent for December WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Debit Credit Cash Accounts receivable Teaching supplies $ 27,954 18,428 Prepaid insurance Prepaid rent Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable 15,632 2,085 Accumulated depreciation-Professional library $9,388 102,000 16,675 24,000 . Unearned revenue. Common stock 11,500 Retained earnings 78,000 Dividends 41,684 Tuition revenue Training revenue 106,293 39,599 Depreciation expense-Professional library Depreciation expense-Equipeent Salaries expense 58,822 Insurance expense e Rent expense 22,935 Teaching supplies expense Advertising expense 7,295 Utilities expense Totals 5,836 $116,265 $316,265 Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume t View transaction list An analysis of WTI's insurance policies shows that $3,732 of coverage has expired. X 2 An inventory count shows that teaching supplies costing $3,235 are available at year-end. has 3 Annual depreciation on the equipment is $14,929. 4 Annual depreciation on the professional library is $7,464. S On September 1, WTI agreed to do five training courses for a client for $2,300 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 $11,500 cash in advance for all five training courses on September 1, and WTI credited Unearned Revenue. Note: journal entry has been entered Record entry Clear entry Credit View general journal Required: 1. Prepare the necessary adjusting journal entries for items a through . Assume that adjusting entries are made only at year-end View transaction fist x courses will not begin until next year. The client paid $11.500 cash in advance for all five training courses on September 1, and WTI credited Uneamed Revenue. 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. $12.600 of the tuition revenue has been earned by WTI. >WTT'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. The balance in the Prepaid fent account represents rent for December journal entry has been entered Note 1 Record entry Clear entry has Credit View all