Homework: Adjusting Accounts Problems Assignment 0 Saved 2o Pan1of3 4.16 points skipped References Required information [The following information applies to the questions displayed below] Wells Technical Institute {WTI} provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in offsite 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 ofitems athrough hthat require adjusting entries on December 31. Additional Information Items An analysis of l|NTl's insurance policies shows that $2.80? of coverage has expired. An inventory count shows that teaching supplies costing $2.433 are available at yearend. 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 $2.500 each. Two courses will start immediately and nish before the end of the year. Three courses will not begin until next year. The client paid $12,500 cash in advance for all ve training courses on September 1, and WTI credited Unearned Revenue. f. On October 15, WTI agreed to teach a fourmonth class {beginning immediately} for an executive with payment due at the end of the class. At December 31, $1548 ofthe tuition revenue has been earned by WTI. g. WTl's two employees are paid weekly. As ofthe 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. 99-9."? WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciationProtessional library Equipment Accumulated depreciationEquipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expenseProfessional library Depreciation expenseEquipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals Debit 5 22,555 15,552 15,551 2,152 51,555 99,8 42,515 5 5 51,155 5 25,452 5 2,452 5,555 5 515,545 Credit $ 9,589 12,545 25,555 5 12,555 15,252 54,555 155,551 45,452 5 515,545 View transaction list Journal entry worksheet An analysis of W I's insurance policies shows that $230? of coverage has expired. Note: Enter debits before credits. Clear entry View general jou mal \fRequired: 1. Prepare the necessary adjusting journal entries for items athrough h. Assume that adjusting entries are made only at year-end. \\ew transaction list Journal entry worksheet Annual depreciation on the equipment is $11,221 Note: Enter debits before credits. Clear entry View general journal View lIansaeljon list Journal entry worksheet Annual depreciation on the professional library:r is 55,514. Note: Enter debits before credits. Clear entry View general journal \f\fView transaction list Journal entry worksheet ( 1 2 s 4 s s "r s > 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. Note: Enter debits before credits. Clear entry View general journal