3 Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P5, P6 [The following information applies to the questions displayed below) 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 2. An analysis of WTI's insurance policies shows that $2.939 of coverage has expired. b. An inventory count shows that teaching supplies costing $2.547 are available at year-end. c. Annual depreciation on the equipment is $11.756. d. Annual depreciation on the professional library is $5,878. e. On September 1, WTI agreed to do five courses for a client for $3,000 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 $15,000 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, $6,950 of the tuition has been earned by WTL g. Wir'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. mces Credit $ 9,641 WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Debit Cash $ 27,849 Accounts receivable 0 Teaching supplies 10,210 Prepaid insurance 16,068 Prepaid rent 2,143 Professional Library 32,133 Accumulated depreciation- Professional library Equipment 100,000 Accumulated depreciation- Equipment Accounts payable Salaries payable Unearned training fees Common stock Retained earnings Dividends 42,845 Tuition fees earned Training fees earned Depreciation expense- 0 Professional library Depreciation expense-Equipment 0 Salaries expense 51, 415 Insurance expense Rent expense 23,573 Teaching supplies expense 0 Advertising expense 7,498 Utilities expense 5.998 Totals $320,232 17,139 22,000 0 15,000 21,496 85,000 109,254 40,702 $320,232 5 Required information t 2 of 3 Problem 3-3A Part 2 2-a. Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts. 2.b. Prepare an adjusted trial balance. nts Complete this question by entering your answers in the tabs below. eBook Print Req 2A Req 2B Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts. Cash Equipment Unadj. Bal Unadj. Bal. eferences Adj. Bal. Adj. Bal. 0 Accounts Receivable Accumulated Depreciation Equipment Unadj. Bal. Unadj. Bal. Adj. Bal 01 Adj. Bal 0 Teaching Supplies Accounts Payable Unadj. Bal Unadj. Bal Adj. Bal. Adj. Bal Prepaid Insurance Salaries Payable Unadj. Bal Unad). Bal Adj. Bal. 0 Adj. Bal 0 Prepaid Rent Unadj. Bal Unearned Training Fees Unad Bal Adj Bal 01 Adj. Bal Professional Library Common stock Unadj. Bal Unad Bal Adi Bal 0 Adj. Bal 0 Retained earnings Accumulated Depreciation Professional Library UnadjB. Unad. Bal Ad Ball Adj. Bal 0 Required information Professional Library Common stock Unadj. Bal. Unadj. Bal Adj. Bal. 0 Adj. Bal 0 Retained earnings Accumulated Depreciation Professional Library Unadj. Bal Unadj. Bal. Adj. Bal. 0 Ad Bal. 0 Tuition Fees Earned Dividends Unadj. Bal Unadj. Ball Adj. Bal 0 Adj. Bal Training Fees Earned Rent Expense Unadj. Bal. Unadj. Bal Adj. Bal. 0 Adj Bal 0 Depreciation Expense--Professional Library Unadj. Bal Teaching Supplies Expense Unadj. Bal. Ad. Bal 0 Adj. Bal. 01 Advertising Expense Depreciation Expense Equipment Unadj. Bal Unadj. Bal Adj. Bal. Adj Bal 0 Salaries Expense Utilities Expense Unadj. Bal Unad). Bal Adj. Bal 0 Adj. Bal 0 Insurance Expense Unadj. Bal Adj. Bal. 0 Req 28 > NL SAU 5 . Required information ULILLED WALL Totals $320,232 $320,232 art 2 of 3 ints Problem 3-3A Part 2 2-a. Post the balance from the unadjusted trial balance and the adjusting entries in to the Taccounts 2-b. Prepare an adjusted trial balance. eBook Complete this question by entering your answers in the tabs below. Print Reg 2A Reg 28 References Prepare an adjusted trial balance. WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 Debit Credit Cash $ 27,849 | Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation- Professional library Equipment Accumulated depreciation- Equipment Accounts payable Salaries payable Uneamed training fees Common stock Retained earrings 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 3 27.8495 0