Required information [The following information applies to the questions displayed below.] Wells Technical 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 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 $3,996 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,464 are available at year-end. c. Annual depreciation on the equipment is $15,986. d. Annual depreciation on the professional library is $7,993. e. On September 1, WTI agreed to do five training courses for a client for $2,700 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 $13,500 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, $12,903 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. 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 $ 26,793 10,304 Prepaid insurance 15,458 Prepaid rent 2,062 Professional library 30,913 Accumulated depreciation-Professional library $ 9,275 Equipment 97,000 Accumulated depreciation-Equipment Accounts payable 16,489 24,000 Salaries payable 0 Unearned revenue Common stock 13,500 18,351 Retained earnings Dividends 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 83,000 41,220 105,108 39,158 0 0 49,464 0 22,682 0 7,214 5,771 $ 308,881 $ 308,881 3 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 28 Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. Cash Unadjusted Balance Unadjusted Balance Equipment Adjusted Balance Adjusted Balance 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 Dransid Insurance Salarine Paushle 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 Common Stock Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Accumulated Depreciation-Professional Library Retained Earnings Unadjusted Balance Unadjusted Balance Adjusted Balance Tuition Revenue: Adjusted Balance Dividends Tuition Revenue Unadjusted Balance Unadjusted Balance Dividends Adjusted Balance Adjusted Balance Training Revenue Rent Expense Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Depreciation Expense-Professional Library Teaching Supplies Expense Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Depreciation Expense-Equipment Advertising Expense Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Salaries Expense Utilities Expense Unadjusted Balance Unadjusted Balance Adjusted Balance Unadjusted Balance Adjusted Balance Insurance Expense Adjusted Balance Required information Prepare all aujusted trial balance. WELLS TECHNICAL INSTITUTE Adjusted Trial Balance Cash Accounts receivable Teaching supplies Prepaid insurance December 31 Debit Credit Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Required information Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Uneamed revenue Common stock Retained earnings Dividends 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 < Req 2A Rog 28