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. Its unadjusted trial balance as of December 31, 2017, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2017, follow. Additional Information Items 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 2017. c. Annual depreciation on the equipment is $13,200. d. Annual depreciation on the professional library is $7,200. e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,500, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2018. f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,000 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.) g. WTl'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, 2017 Credit Cash Accounts receivable Debit $ 34,000 @ g. Wil's two employees are paid weekly. As of the end of the year, two days' salaries day for each employee. h. The balance in the Prepaid Rent account represents rent for December. WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31, 2017 Credit Debit $ 34,000 8,000 12,000 3,000 35,000 $ 10,000 80,000 15,000 26,000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned training fees T. Wells, Capital T. Wells, Withdrawals Tuition fees earned Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 12,500 90,000 50,000 123,900 40,000 0 50,000 33,000 6,000 6,400 $ 317,400 $317,400 - Darth benthil balenntha inimenti Int that Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate comp 5 of 3 2-a. Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts. 2-b. Prepare an adjusted trial balance. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts. Cash Equipment Unadj Bal. 80.000 Unadi. Bal 34,000 80,000 Adj. Bal. 34,000 Adj. Bal. Accounts Receivable Accumulated Depreciation Equipment Unadj. Bal Unadj. Bal. 15,000 13,200 C 7,500 28,200 Adj. Bal. 7,500 Adj. Bal. 6 of 9 Required information Adj. Bal. 7,500 Adj. Bal. 28,200 of 3 Teaching Supplies Accounts Payable Unadj. Bal 8,000 Unadj. Bal. 26,000 b 5,200 Adj. Bal. 2.800 Adj. Bal. 26,000 Prepaid Insurance Salaries Payable Unadj. Bal. 12,000 Unadj. Bal. a 2,400 Adj. Bal 9,600 Adj. Bal. 0 Prepaid Rent Unearned Training Fees Unadj. Bal. 3,000 Unadj. Bal. 12,500 h 3,000 e 5,000 0 Adj. Bal. 7,500 Adj. Bal. T. Wells, Capital Unadj. Bal. Professional Library 35,000 90,000 Unadj. Bal 6 of 9 6 Required information T. Wells, Capital Professional Library 35,000 2 of 3 Unadj. Bal Unadj. Bal. 90,000 5 Adj. Bal. 35,000 Adj. Bal. 90,000 T. Wells, Withdrawals Accumulated Depreciation Professional Library Unadj Bal 10,000 d 7,200 Unadj. Bal 50,000 Adj. Bal. 17,200 Adj. Bal. 50,000 Tuition Fees Earned Unad Bal 123,900 Unadj. Bal Rent Expense 33,000 3,000 7,500 h Adj. Bal. 131,400 Adj. Bal. 36,000 Training Fees Earned Teaching Supplies Expense Unadj. Bal. 40,000 Unadj. Bal. 0 e 5,000 b 5,200 CD 22 LIIEL HY WUIK MeTHIS SHOWS What is correct of incorrect for the work you have completed so far. It does not indi 5 Required information 2 of 3 Adj. Bal 45,000 Adj. Bal. 5.200 Advertising Expense Depreciation Expense-Professional Library Unad) Bal. d 7,200 Unadj. Bal. 6,000 Adj. Bal. 7,200 Adj. Bal. 6,000 Depreciation Expense Equipment Utilities Expense Unadi Bal Unadj. Bal. 6,400 13,200 Adj. Bal 13,200 Adj. Bal. 6,400 Salaries Expense Insurance Expense Unadj. Bal. 50,000 Unadj. Bal. 0 > g 400 2,400 Adj. Bal 50,400 Adj. Bal. 2,400 KROG 2A Reg 28 >