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 $3,864 of coverage has expired. b. An Inventory count shows that teaching supplies costing $3,349 are available at year-end. c. Annual depreciation on the equipment is $15,458. d. Annual depreciation on the professional library is $7,729. e. On September 1, WTI agreed to do five courses for a client for $2,300 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client pald $11,500 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, $13,250 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. WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Debit 26,189 Credit $ 10, e71 15,112 2,015 30,217 $ 9,066 184, eee 16,117 24, eee 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 11,5ee 32,402 77, eee 40,291 102,748 38,275 @ @ 48,350 @ 22,165 e 7,651 5,641 $ 311,180 $311,100 Reg 2 Reg 20 Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts. Cash 28,189 Equipment 104,000 Unadj. Bal Unadj. Bal | Adj. Bal. 28,189 A. Bal. 104,000 Accounts Receivable Accumulated Depreciation-Equipment 16,117 Unadj. Bal. 13,250 Unadj. Bal. Ad. Bal 13,250 Ad. Bal. 16,117 Teaching Supplies 10,071 Accounts Payable 24,000 Unadj. Bal. Unadj. Bal. | Adj. Bal. 10,071 Ad. Bal 24,000 Salarles Payable Prepaid Insurance 15,110 Unadj. Bal. Unadj. Bal. 400 Ad. Bal 15,110 | Ag. Bal. 400 Prepaid Rent 2,015 Unearned Training Fees 11,500 Linadi. Bal Unadj. Bal. 6.900 | Ag. Bal 2,015 | Act. Bal. 4,600 Common stock Professional Library 40,217 Unadj. Bal. Unadj. Bal. 32,402 Adj. Bal. 40,217 | Ad. Bal. 32,402 Retained earning Accumulated Depreciation-Professional Library Unadj. Bal. 9,068 Lnadj. Bal. 77,000 | Ag. Bal. 9,066 Ad. Bal. 77,000 Tuition Fees Eamed Dividende 40,291 Unadj. Bal. Unadj. Bal. Ad. Bal. 0 Adi. Bal 40,291 Training Fees Earned Rent Expense 22,166 Unadj. Bal. Unadj. Bal. Ad. Bal 15, 110 | Ach. Bal. UUT Prepaid Rent 2.015 Unearned Training Fees 11,500 Unadj. Bal. Linadj. Bal 6.900 Adj. Bal. 2,015 A Bal 4,600 Common stock Professional Library 40,217 Unadj. Bal Unadj. Bal. 32,402 | Adj. Bai. 40,217 Adi. Bal 32.402 Retained earning Accumulated Depreciation Professional Library Unadj. Bal. 9,068 Linadi. Bal 77,000 | Adf. Bal 9,068 Adj. Bal. 77,000 Tuition Fees Eamed Dividends 40,291 Unadj. Bal. Unadj. Bal. 0 Adi. Bal Adi. Bal 40,291 Training Foo Earned Rent Expense 22,165 Unadj. Bal. Unadj. Bal. | Adj. Bal. Ad. Bal. 22,165 Depreciation Expense-Professional Library Teaching Supplies Expense Unadj. Bal. Unadj. Bal 6,722 Ad. Bal. A Bal 6,722 Depreciation Expense-Equipment Advertising Expense 7,051 Unadj. Bal. Unadj. Bal. Adi. Bal 0 Ad. Bal. 7.051 Salaries Expense Utilities Expense 5,641 Unadj. Bal. Unadj. Bal. Ad. Bal Adj. Bal 5,641 Insurance Expense Lnadj. Bal. Ad Bal 0 Prepare an adjusted trial balance. WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 Debit Credit Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation Professional library Equipment Accumulated depreciationEquipment Accounts payable Salaries payable Unearned training fees Common stock Retained earnings Dividends Tuition fees earned Training fees earned Depreciation expenseProfessional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals S 0 $ 0