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 a. An analysis of WTI's insurance policies shows that $2,400 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,800 are available at year-end. c. Annual depreciation on the equipment is $13,200. d. Annual depreciation on the professional library is $7,200. e. On September 1. WTI agreed to do five training courses for a client for $2,500 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 $12,500 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, $7,500 of the tuition revenue has been earned by WTI. 9. 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 S4A Credit Cash WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 34,000 8,000 12,000 3,000 35,800 $ 10,000 80,000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional Library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue T. Wells, Capital T. Wells, Withdrawals Tuition revenue Training revenue Depreciation expense-Professional Library Depreciation expense-Equipment 15,000 26,000 @ 12,500 90,000 50,000 123,900 40,000 50,000 Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 33,000 6.000 6,400 $ 317,400 $ 317,400 . Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. b. Prepare an adjusted trial balance. ! Required information e out Adjusted to place December 31 Debit Credit + Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation Professional library Equipment Accumulated depreciation Equipment Accounts payable Salaries payable Uneamed revenue T. Wells, Capital T. Wells, Withdrawals Tuition revenue Training revenue Depreciation expense Professional library Depreciation expense-Equipment UuETIDLU WEIGU CIUILMUIMIHENTE ! Required information Uneamed revenue T. Wells, Capital T. Wells, Withdrawals 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 $ 0 $ 0