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 uneared 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 a. An analysis of WTI's insurance policies shows that S3 203 of coverage has expired b. An inventory count shows that teaching supplies costing $2,776 are available at year-end c. Annual depreciation on the equipment is $12.814. d. Annual depreciation on the professional library is $6,407 e. On September 1. WTI agreed to do five courses for a client for $2.400 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 $12.000 cash in advance for all five courses on Septembert and WTI credited Uneamed 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 59,750 of the tuition has been earned by WTI 9. 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 Unad usted Trial Bolante December 31 Credit Debit 26,642 5 Ch Accounts receivable Tanchina cometter WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit $ Debit 26,642 0 10, 245 15,371 2,050 30,739 $ 9,223 101,000 16,396 25,000 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 12,000 25,610 80,000 40,988 104,516 38,937 a 49,186 0 22,550 @ 7,173 5,738 $ 311,682 $311,682 CO2 Prev An analysis of WTI's insurance policies shows that $3,203 of coverage has expired. Note: Enter debits before credits Transaction Debit Credit General Journal insurance expense Prepaid insurance 3 203 3.203 Record entry Clear entry View general journal