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 that require adjusting entries on December 31. Additional Information Items a. 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 training courses for a client for $2,400 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 $12,000 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, $14,300 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. 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 $ 26,189 8 10,071 Prepaid insurance 15,110 Prepaid rent 2,015 Professional library 30,217 Accumulated depreciation-Professional library $ 9,066 Equipment 96,000 Accumulated depreciation-Equipment Accounts payable 16,117 25,000 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 Advertising expense Utilities expense Totals Teaching supplies expense 12,000 99,982 40,291 102,740 38,275 B 48,350 22,165 B 7,051 5,641 $ 303,100 $ 303,100 2-a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. 2-b. Prepare an adjusted trial balance. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. Unadjusted Balance Cash Unadjusted Balance Equipment Adjusted Balance Adjusted Balance 0 Accounts Receivable Accumulated Depreciation-Equipment Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Teaching Supplies Accounts Payable Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Prepaid Insurance Salaries Payable Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Prepaid Rent Unearned Revenue Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Professional Library T. Wells, Capital Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance 0 Accumulated Depreciation-Professional Library T. Wells, Withdrawals Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance 0 Tuition Revenue Rent Expense Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance 0 Training Revenue Teaching Supplies Expense Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance 0 Depreciation Expense-Professional Library Advertising Expense Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance 0 Depreciation Expense-Equipment Utilities Expense Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance 0 Salaries Expense Insurance Expense Unadjusted Balance Unadjusted Balance