GL0302 (Static) - Based on Problem 3-3A Wells Technical Institute LO P1, P2, P3, P4, P5 Wells Technicul instutute (WTh, aschool owned by Tristana Wells, provides training to individuols who pay tuition directly to the seinoot Wit atso offors training to groupsin off-sitelocations. lts unadjusted triat balance as of Deceriber 31,2022 , is found on the 1 ilal balance tab. WYi intialyy records prepaid expenses and unearned revenues in balance sheetraccounts. Descriptions of itemsa through h thaturequire ocjusting entries on December 31 follow. a. An andysis of WTt's insurance policies shows that $2,400 of coverage has expired. b. An inventory count shows that teaching supplios costing $2,800 are available at year-end. c. Arintal depreciation on the equlpment is 513,200. d. Annual depreciation on the professional library is $7,200 e. On November 1, WTf agreed to do a special six-month course (starting immediately) for a chert. Ther contract calls for a monthly fee of $2,500, and the chent paid the first flve months fees in advance. When the cash was recelved, the Unewrned iraining Fees accourt was crediterd. 1. On October 15, WTt agreed to teach a fouf vnonth class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $7,500 of the tuition has been earned by WT1 9. WThts two employees are paid weoldy, As of the end of the yeari two days' salarles have accrued at the rate of S100 peir day for Rach employty h. The balance in the Prepaid Rent account represents rent for December. Whils Technical institute Balance shent Decimber 31, 2022 Assets Current assets \begin{tabular}{|l|r|r|r|} \hline Cash & & 34,000 & \\ \hline Accounts recelvable & & 7,500 & \\ \hline Teaching supplies & & 2,800 & \\ \hline Prepaid insurance & & 9,600 & \\ \hline & & 0 & \\ \hline Total current assets & & $ & 53,900 \\ \hline \end{tabular} Plant assots Liabilities Current liabilities Accounts payable Salaries payable =0