Wells Technical Institute $($WTI$)$ 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

An analysis of WTI's insurance policies shows that $$2,807$ of coverage has expired.

An inventory count shows that teaching supplies costing $$2,433$ are available at year$-$end.

Annual depreciation on the equipment is $$11,227.$

Annual depreciation on the professional library is $$5,614.$

On September $1,$ WTI agreed to do five training courses for a client for $$2,300$ each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $$11,500$ cash in advance for all five training courses on September $1,$ and WTI credited Unearned Revenue.

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 $31,$ $$8,048$ of the tuition revenue has been earned by WTI.

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.

The balance in the Prepaid Rent account represents rent for December.

WELLS TECHNICAL INSTITUTE

Unadjusted Trial Balance

December $31$

Debit Credit

Cash $ $26,944$

Accounts receivable $0$

Teaching supplies $10,362$

Prepaid insurance $15,545$

Prepaid rent $2,073$

Professional library $31,088$

Accumulated depreciation$$Professional library $ $9,328$

Equipment $97,000$

Accumulated depreciation$$Equipment $16,582$

Accounts payable $25,000$

Salaries payable $0$

Unearned revenue $11,500$

Common stock $21,577$

Retained earnings $81,000$

Dividends $41,452$

Tuition revenue $105,701$

Training revenue $39,379$

Depreciation expense$$Professional library $0$

Depreciation expense$$Equipment $0$

Salaries expense $49,743$

Insurance expense $0$

Rent expense $22,803$

Teaching supplies expense $0$

Advertising expense $7,254$

Utilities expense $5,803$

Totals $ $310,067$ $ $310,067$

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