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. Its unadjusted trial balance as of December 31, 2020, is found on the trial balance tab. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31 follow. 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 November 1, WTI agreed to do a special six month course (starting immediately for a client. The 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 Uneared Revenue account was credited t. 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 revenue 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 h. The balance in the Prepaid Rent account represents rent for December Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted or adjusted balances will appear for each account, based on your selection. Include all balance sheet accounts, even those with zero balances. Wells Technical Institute Balance Sheet December 31, 2020 Assets Current assets Cash Accounts receivable Teaching supplies Prepaid insurance Accumulated depreciation - Professional library Professional library Total current assets Plant assets Accumulated depreciation - Equipment Professional library Professional library, net tt 34,000 7,500 2,800 9,600 17,200 35,000 $ 106,100 28,200 (35,000) (6,800) 0 0 (6,800) 99,300 Total assets $ > $ 53,900 Total current assets Plant assets $ Oo 0 0 0 Total assets $ 53,900 Liabilities Current liabilities Accounts payable Salaries payable Uneamed revenue 1 tt 26,000 400 7,500 0 Total liabilities 33,900 Equity Common stock 10,000 79,600 Retained earnings Total equity Total Liabilities & Equity 89,600 123,500 $ Check my work View transaction list View Journal entry worksheet FERIE No Date Account Title Credit 1 Dec 31 Insurance expense Prepaid insurance Debit 2,400 2,400 2 Dec 31 Teaching supplies expense Teaching supplles 5,200 5,200 3 Dec 31 Depreciation expense - Equipment Accumulated depreciation - Equipment 13,200 13200 4 Dec 31 7.200 Depreciation expense. Professional library Accumulated depreciation - Professional library 7,200 5 Dec 31 Uneamed revenue Training revenue 5,000 5,000 6 Dec 31 Accounts receivable Tuition revenue 7,500 7.500 7 Dec 31 Salaries expense 400 Check my v Wells Technical Institute Trial Balance December 31, 2020 Account Title Debit Credit $ 34,000 7,500 2,800 9,600 35,000 17,200 80,000 Cash Accounts receivable Teaching supplies Prepaid insurance Professional library Accumulated depreciation - Professional library Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expense - Professional library Depreciation expense - Equipment Salaries expense 28,200 26,000 400 7,500 10,000 80,000 50,000 131.400 45,000 7,200 13,200 50,400 Check my 9,600 35,000 17,200 80,000 28,200 26,000 400 2 2 2 2 2 2 2 7,500 10,000 80,000 50 Prepaid insurance Professional library Accumulated depreciation - Professional library Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Uneamed revenue Common stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expense. Professional library Depreciation expense - Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Total 131,400 45,000 7,200 13,200 50,400 2,400 36,000 5,200 6,000 6,400 345,700 $ $ 345,700