The umuwing man oppies to the questions payeu velow Wells Technical Institute (WT), 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 $3,468 of coverage has expired. b. An Inventory count shows that teaching supplies costing $3,006 are available at year-end c. Annual depreciation on the equipment is $13,871. d. Annual depreciation on the professional library is $6,936. e. On September 1, WTI agreed to do five courses for a client for $2.700 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 $13,500 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees. 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, $10,298 of the tuition has been earned by WTI 9. WTT'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 Cash Debit $26,189 Credit Accounts receivable e Teaching supplies 10,071 Prepaid insurance 15,110 Prepaid rent 2,015 Professional library 30,217 Accumulated depreciation-Professional library $ 9,066 Equipment 98,000 Accumulated depreciation-Equipment Accounts payable 16,117 23,000 Salaries payable B Unearned training fees 13,500 Common stock 23,402 Retained earnings 79,000 Dividends 40,291 Tuition fees earned 102,748 Training fees earned 38,275 Depreciation expense-Professional library e Depreciation expense-Equipment e Salaries expense 48,350 Insurance expense e Rent expense Advertising expense utilities expense Totals 22,165 Teaching supplies expense 6 7,051 5,641 $ 35,100 $305,100 B Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end.