Book Print erences GL0302 (Static) - Based on Problem 3-3A Wells Technical Institute LO P Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individu WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of Decem balance tab. WTI initially records prepaid expenses and unearned revenues in balance sheet 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 cli of $2,500, and the client paid the first five months' fees in advance. When the cash was rece was credited. f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an execu class. At December 31, $7,500 of the tuition revenue has been earned by WTI. g. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accr each employee. h. The balance in the Prepaid Rent account represents rent for December.