Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who Pro tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted Prec trial balance as of December 31, 2017, follows. Descriptions of items a through h that require adjusting adju entries on December 31, 2017, follow. Additional Information Items 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 2017. c. Annual depreciation on the equipment is $13,200. d. Annual depreciation on the professional library is $7,200. e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The finan P1 contract calls for a monthly fee of $2,500, 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 $3,000 tuition per month payable at the end of the class. The class started on October 15, but no pay- ment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.) g. WTT's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the h. The balance in the Prepaid Rent account represents rent for December. rate of $100 per day for each employee. WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31, 2017 Debit 3 Cash $ 34,000 Accounts receivable 5 Teaching supplies 6 Prepaid insurance 8,000 12,000 3,000 35,000 Prepaid rent 8 Professional library 9 Accumulated depreciation-Professional library 10 Equipment $ 10,000 80,000 Accumulated depreciation-Equipment 12 Accounts payable 3 Salaries payable 15,000 26,000 12,500 10,000 80,000 Unearned trainingfees Common stock 16 Retained earnings 17 Dividends 18 Tuition fees earned 19 Training fees earned 20 Depreciation expense-Professional library 50,000 123,900 40,000 preciation expense-Equipment Salaries expense 23Insurance expense 50,000 33,000 6,000 25 Teaching supplies expense 25 Advertising expense Utilities expense $317,400 $317,400