Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P5, P6 [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. 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 2. An analysis of ti's Insurance policies shows that $3,864 of coverage has expired. b. An inventory count shows that teaching supplies costing $3.349 are available at yearend c. Annual depreciation on the equipment is $15.458 d. Annual depreciation on the professional library is $7729. e. On September 1. WT agreed to do live courses for a client for $2.800 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 $14,000 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees f. On October 15, w agreed to teach a four-month class (beginning immediately for an executive with payment due at the end of the class. At December 31, $12,000 of the tuition has been camed by WTI. 9. WT'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. n. The balance in the Prepaid Rent account represents rent for December WELLS TECHNICAL INSTITUTE tinadjusted Trial balance December 31 Debit Credit WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit 27,698 $ 10,652 15,981 2,132 31,958 $ 9,589 97,000 17,046 27,000 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 Common stock Retained earnings Dividends 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 14,000 23, 267 76,000 42,613 108,661 40,482 51,136 23,452 7,457 5,966 $ 316,845 $316,045 2-. Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts 2-b. Prepare an adjusted trial balance. 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 accounts. Cash 27,698 Equipment Unad Bal Unadi Bar Adi Bal 27 698 Adi Bal 0 Accounts Receivable Accumulated Depreciation Equipment Unadi Bal Unad Bal Adj Bar 0 | Adj Bal 0 Required information Teaching Supplies 2 Unadi Bal Accounts Payable Unad Bal Adi Bal 0 Ad Bal 0 Prepaid Insurance Unad Bal Salaries Payable Unadi Bal Aj Bal 0 Ady Bar 0 Prepaid Rent Unearned Training Fees Und Bal Unadi Bal Ad Bar 0 Adi Bal 0 Professional Library Common stock Unad til Unadi Bal Adi Bal Adi Bal Accumulated Depreciation Professional Library Unadj Bal Retained earnings 2 Unad Bal Adj Bal 0 Adi Bal 0 Tuition Fees Eamed Dividends Unadj. Bal UnadjBal Adj Bar 0 Adi Bal 0 Training Fees Earned Rent Expense Und Bal Unad Bal Ad Bal 0 Adi Bal 0 Depreciation Expense-Professional Library Teaching Supplies Expense Unadi ial Unad Bal Adi Bal 0 Adi Bal Required information Depreciation Expense-Professional Library Teaching Supplies Expense Unadi. Bal Unadj. Bal Adi Bal 0 Adj Bat 0 Depreciation Expense-Equipment Advertising Expense Unadj. Bal Unadi. Bal Adi Bai 0 Adj Bal 0 Salaries Expense Utilities Expense Unadi Bal Unadi Bal Ad Bal 0 Adj Bal 0 Insurance Expense Unad Bal Adj Bal