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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 h that require adjusting entries on December 31. Additional Information Items a. An analysis of WTI's insurance policies shows that $2,807 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,433 are available at year-end. c. Annual depreciation on the equipment is $11,227. d. Annual depreciation on the professional library is $5,614. e. On September 1, WTI agreed to do five training courses for a client for $2,900 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 $14,500 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, $6,548 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 Credit Debit $ 26,340 0 10,129 15,197 2,027 30, 391 $ 9, 119 98,000 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 would T. Wells, Withdrawals mi Tuition revenue Training revenue expense-Professional library Depreciation expe expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 16,210 25,000 0 14,500 99,640 40,523 103,332 38, 496 Depreciation expe 0 0 48,628 0 22,297 0 7,092 5,673 $ 306,297 $ 306, 297 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. Cash Equipment 98,000 Unadjusted Balance 26,340 Unadjusted Balance Adjusted Balance 26,340 Adjusted Balance 98,000 Accounts Receivable Unadjusted Balance 0 Accumulated Depreciation Equipment Unadjusted Balance 16,210 d 5,614 6,548 Adjusted Balance 6,548 Adjusted Balance 21,824 Teaching Supplies 10,129 Accounts Payable 25,000 Unadjusted Balance Unadjusted Balance b 2,433 Adjusted Balance 7,696 Adjusted Balance 25,000 Prepaid Insurance 2,027 2,807 Salaries Payable 0 Unadjusted Balance Unadjusted Balance g a 100 Adjusted Balance 4,834 Adjusted Balance 100 Drannid Dont Innarnad Dawanun Prepaid Rent Unearned Revenue 14,500 Unadjusted Balance Unadjusted Balance h 2,027 5,800 Adjusted Balance 2,027 Adjusted Balance 20,300 Professional Library 30,391 T. Wells, Capital 99,640 Unadjusted Balance Unadjusted Balance Adjusted Balance 30,391 Adjusted Balance 99,640 Accumulated Depreciation Professional Library Unadjusted Balance 9,119 d 5,614 T. Wells, Withdrawals 40,523 Unadjusted Balance Adjusted Balance 14,733 Adjusted Balance 40,523 Tuition Revenue 103,332 Unadjusted Balance Unadjusted Balance Rent Expense 22,297 2,027 6,548 th Adjusted Balance 109,880 Adjusted Balance 24,324 Training Revenue 38,496 Unadjusted Balance Teaching Supplies Expense Unadjusted Balance 0 2,433 e 5,800 Adjusted Balance 44,296 Adjusted Balance 2,433 Depreciation Expense-Professional Library Unadjusted Balance 0 d 5,614 Advertising Expense 7,092 Unadjusted Balance Adjusted Balance 5,614 Adjusted Balance 7,092 Depreciation Expense-Equipment Unadjusted Balance 11,227 Utilities Expense 5,673 Unadjusted Balance Adjusted Balance 11,227 Adjusted Balance 5,673 Insurance Expense Unadjusted Balance Salaries Expense 48,628 100 Unadjusted Balance 0 g a 2,807 Adjusted Balance 48,728 Adjusted Balance 2,807 WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 Debit Credit Cash $ 26,340 Accounts receivable 0 10,129 15,197 2,027 30,391 Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciationProfessional library Equipment Accumulated depreciationEquipment Accounts payable Salaries payable $ 9,119 98,000 16,210 25,000 0 Unearned revenue 14,500 99,640 T. Wells, Capital T. Wells, Withdrawals Tuition revenue Training revenue Depreciation expenseProfessional library preciation expense-Equipment Salaries expense Insurance expense Rent expense Cash $ 26,340 Accounts receivable 0 10,129 15,197 2,027 30,391 Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciationProfessional library Equipment Accumulated depreciationEquipment Accounts payable Salaries payable $ 9,119 98,000 16,210 25,000 0 Unearned revenue 14,500 99,640 T. Wells, Capital T. Wells, Withdrawals Tuition revenue Training revenue Depreciation expenseProfessional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals $ 182,084 $ 164,469