Required information The following Information applies to the questions displayed below) Wols Technical Institute WTI, a school owned by Tristana Wols, provides training to indiduals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and uneamed 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 $2,674 of coverage has expired b. An inventory count shows that teaching supplies costing $2,318 are available at year-end c. Annual depreciation on the equipment is $10,698 d. Annual depreciation on the professional library is $5,349. e. On September 1, WTI agreed to do five courses for a client for $2,600 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 $13,000 cash in advance for all five courses on September 1, and WTI credited Unearned Revenue. 1. 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, $6,653 of the tuition revenue has been earned by WTL g. Whis 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 MELLS TECHNICAL INSTITUTE nadjusted Trial Balance December 31 Debt 26.723 Credit 10,364 15.458 2,062 30.913 #9275 103,00 Cash Accounts receivable Tenching supplies Prepaid insurance Prepaid rent Professional Library Accumulated depreciation Professional library Equipment Recanslated depreciation Equipment untu payable Salaries payable Unearned revenge Canon stock Retained Dividende Tuition revenge Training revenge Depreciation expense Professional library Deprelation expense quent Salaries expense Trance expense kontempo Teaching appllos expetis Adve expense ut lielos ampende Totale 16,485 24,000 13,000 30.151 76,000 41,220 105,104 39,254 41.00 0 22/03 D 1.21 $11.91 3,81 2-a. Post the balance from the unadjusted the balance and the adjusting entries into the accounts 2.b. Prepare an adjusted trial balance Pey 10 11 Required Information Past the balance from the unadjusted trial balance and the adjusting entries into the T-accounts Unad, Bal 28.703 Unad. B. Adj. Bal 26,793 ALBA 0 Accounts Receivable ceumulated Depos Equipment Unad, Bal Unad. Bal c Ad Bal Adi Bal Teaching Supplies Accounts Payable Unad Bal Unad Bal Ady Be A BAL Prepaid Insurance Salaries Payable Unad Bal Unad. BAL Adj Bal Adi Bal Prepaid Rent Unearned Revenue Unad, Bal Unad. Bak Adj Bal Adi. Bu Professional Library Common Stock Unad Bal Una Bat Ads Bal Adj Bal. Accumulated Depreciation Professional Library Unad Bal. Retained Earnings Urad Bar Aa Bal AB Tuan Re DWond Unad, Bal. Unad, Bal Ade Bal 0 Adj. Bal rining Revne Rant Expense Unad Bal. Unad. Bat. Ady Bal. Adj. Bal 0 Depreciation Expense. Professional Library Teaching Supplies Expense Unad Bal Unad. Bat. Adi Bal Adj Bar Depreciation Expense Equipment Advertising Expende Unad. Bal Unad, Bali Ad Bat Adj Bat. Salaries Expense Ulities Expense Unas Bal Unad Bal A Bm Adi Bal Insurance Expense Unas B A Bal WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 26,293 10,304 15,458 2,062 30,913 $ 9, 225 102,000 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 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 16,489 24,000 0 13,000 30.851 16,000 41,220 105, 108 39, 158 BON 22, 682 6 7,214 $ 313,891 $13.981