Required information [The following information applies to the questions displayed below.] Wells Technical Institute (WTI) provides training to Individuals who pay tultion directly to the school. WTI also offers training to groups in off-site locations. WTI Inltially records prepald expenses and unearned revenues in balance sheet accounts. Its unadjusted trlal balance as of December 31 follows, along with descriptions of ltems a through h that require adjusting entrles on December 31 . Additional Information Items a. An analysis of WTI's insurance policles shows that $3,335 of coverage has expired. b. An Inventory count shows that teaching supplies costing $2,891 are avallable at year-end. c. Annual depreciation on the equipment is $13,342 d. Annual depreclation on the professlonal library is $6,671. e. On September 1. WTI agreed to do five training courses for a client for $2,200 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client pald $11,000 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 immedlately) for an executive with payment due at the end of the class. At December 31 , $10,903 of the tultion revenue has been eamed by WTI. g. WTI's two employees are pald weekly. As of the end of the year, two days" salarles have accrued at the rate of $100 per day for each employee. h. The balance In the Prepaid Rent account represents rent for December. Required: 1. Prepare the necessary adjusting joumal entrles for items a through h. Assume that adjusting entrles are made only at year-end