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Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO A1, P1, P2, P3 [The following information applies to the questions displayed below) 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. Its unadjusted trial balance as of December 31, 2017, follows. WTI initially records prepaid expenses and uneared 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 $2.939 of coverage has expired b. An inventory count shows that teaching supplies costing $2,547 are available at year-end 2017 c. Annual depreciation on the equipment is $11.756. d. Annual depreciation on the professional library is $5.878. 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 $2,700, 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 $3,080 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. 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 Triol Balance December 31, 2017 Debit $ 27,90 Credit Cashi Accounts receivable Teaching supplies Prepaid Insurance 10,536 15,800 7 WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31, 2017 Part 1 of 3 Credit Debit 27, 396 $ 5 points 10,536 15,806 2,108 31,610 $ 9,484 73,751 16,861 36,022 eBook 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 13,500 67,016 42,149 ASK 187,477 40,040 e Print se, 579 References 23,188 e 7,376 5,901 $ 290,400 $ 290,400 Problem 3-3A Part 1 Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are View transaction list Problem 3-3A Part 1 Required: 1. Prepare the necessary adjusting Journal entries for items a through h Assume that adjusting entries are mad View transaction list Journal entry worksheet 1 2 3 4 5 6 7 > An analysis of WTI's insurance policies shows that $2,939 of coverage has expired. Note: Enter debits before credits Transaction Debit General Journal es Credit Record entry Clear entry View general Journal