WELLS TECHNICAL INSTITUTE

Unadjusted Trial Balance December $31$

Cash

Accounts receivable

Teaching supplies

Prepaid insurance

Prepaid rent

Professional library

Accumulated depreciation$-$Professional library

Equipment

$\backslash$table$[[$Debit$,$Credit$],[$$$26,340,],[0,],[10,129,],[15,197,],[2,027,],[30,391,],[95,000,$$$9,119],[,16,210],[,24,000],[0,],[,14,500],[,97,640],[,],[,103,332],[,38,496]]$

Accumulated depreciation$-$Equipment

Accounts payable

Salaries payable

Unearned revenue

T$.$ Wells, Capital

T$.$ Wells, Withdrawals

Tuition revenue

Training revenue

Depreciation expense$-$Professional library

Depreciation expense$-$Equipment

Salaries expense

Insurance expense

Rent expense

Teaching supplies expense

Advertising expense

Utilities expense

$[$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. 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

$*$An analysis of WTI's insurance policies shows that $$2,674$ of coverage has expired.

$*$An inventory count shows that teaching supplies costing $$2,318$ are available at year$-$end.

$*$Annual depreciation on the equipment is $$10,698.$

$*$Annual depreciation on the professional library is $$5,349.$

$*$On September $1,$ WTI agreed to do five training courses for a client for $$2,900$ each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $$14,500$ cash in advance for all five training courses on September $1,$ and WTI credited Unearned Revenue.

$*$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 $31,$ $$5,903$ of the tuition revenue has been earned by WTI.

$*$WTI$\text{'}$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

$*$ The balance in the pre paid rent account represents rent for December Post the balance from the unadjusted trial balance and the adjusting entries into the T$-$accounts. $2$Required information