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 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 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, $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' solaries 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 Credit Debit $ 34,000 @ 8,000 12,000 3,000 35,000 $ 10,000 80,000 15.000 26,000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Uneanned training fees Heils, Capital Wells, withdrawals Tuition fees earned Training fees earned Depreciation expense-Professional library Depreciation expense Equipment Salande expense Insurance expense Rent expense Teach Res. expense Adue sense Uitesse Tot 12,50 90,000 50,000 123, 930 40,000 0 @ 500 33.co 6.800 1400 View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 An analysis of WTI's insurance policies shows that $2,400 of coverage has expired. Note: Enter debits before credits. Transaction General Joumal Debit Credit a Record entry Clear entry View general journal