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, 2018, 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, 2018, follow. Additional Information Items NO a. An analysis of WTI's insurance policies shows that $2,674 b. An inventory count shows that teaching supplies costing $2,318 are available at year-end 2018. c. Annual depreciation on the equipment is $10,698. d. Annual depreciation on the professional library is $5,349. 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 $2,900, 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 2019. f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $2,361 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 Trial Balance December 31, 2018 Credit Debit 26,340 $ 10,129 15,197 2,027 30,391 $ 9,119 70,903 16,210 33,112 0 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, December 31, 2017 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 14,500 14,000 50,431 40,523 103, 332 38,496 48,628 22,297 7,092 5,673 $ 279,200 $279,200 1 & 3-a. Post the balance from the unadjusted trial balance and the adjusting entries in to the T-acco 1 & 3-b. Prepare an adjusted trial balance. Cash Equipment Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Accounts Receivable Accumulated Depreciation Equipment Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Teaching Supplies Accounts Payable Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Prepaid Insurance Salaries Payable Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal Prepaid Rent Unearned Training Fees Unadj. Bal. Unadj. Bal. Required information Professional Library Common stock nadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Retained earnings Accumulated Depreciation-Professional Library Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Tuition Fees Earned Dividends Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Training Fees Earned Rent Expense Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Teaching Supplies Expense Depreciation Expense Professional Library Unadj. Bal. Unadj. Bal. Required information December 31, 2018 Debit Credit Cash I nces Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable I Salaries payable past 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