Trial Balance December 31, 2019 Account Title Debit Credit Cash 34,000 Teaching supplies 8,000 Prepaid insturance 12,000 Prepaid rent Professional library 3,000 35,000 Accumulated depreciation Professional library Equipment 10,000 80,000 Accumulated depreciation - Equipment Accounts payable Unearned training fees T. Wells, Capital T. Wells, Withdrawals 15,000 26,000 12,500 90,000 50,000 Tuition fees earned 123,900 Training fees earned 40,000 Salaries expense 50,000 33,000 Rent expense Advertising expense 6,000 Utilities expense 6,400 Total 317,400 317,400 $ 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, is found on the trial balance tab. 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. a. An analysis of WTI's insurance policies shows that $2,400 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,800 are available at year-end. c. Annual depreciation on the equipment is $13,200. d. Annual depreciation on the professional library is $7,200. e. On September 1, WTI agreed to do five courses for a client for $2,500 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 $12,500 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, $7,500 of the tuition 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