Homework: Adjusting Accounts Problems Assignment (i Saved 2 Required information Part 1 of 3 [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 4.16 to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. points Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through / that require adjusting entries on December 31. Additional Information Items eBook a. An analysis of WTI's insurance policies shows that $2,807 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,433 are available at year-end. c. Annual depreciation on the equipment is $11,227. Print d. Annual depreciation on the professional library is $5,614. e. On September 1, WTI agreed to do five training courses for a client for $2,500 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 $12,500 cash in advance for all five training courses on September 1, and WTI credited Unearned Revenue. References 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, $7,548 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 accrued at the rate of $100 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December.HELLE TECHNICAL INETITUTE Unadjusted Trial Balance December 31 Debit Credit Cash $ 22,698 Accounts receivable 8 Teaching supplies 18,652 Prepaid insurance 15,981 Prepaid rent 2,132 Professional library 31,958 Accumulated depreciationProtessional library $ 9,589 Equipment 99,888 Accumulated depreciationEquipment 12,846 Accounts payable 26,888 Salaries payable 8 Unearned revenue 12,588 Common stock 19,26? Retained earnings 84,888 Dividends 42,613 Tuition revenue 188,661 Training revenue 48,482 Depreciation expenseProfessional library 8 Depreciation expenseEquipment 8 Salaries expense 51,136 Insurance expense 8 Rent expense 23,452 Teaching supplies expense 8 Advertising expense 2,45? Utilities expense 5,966 Totals $ 318,845 $ 318,845 View transaction list Journal entry worksheet An analysis of W I's insurance policies shows that $2.80? of coverage has expired. Note: Enter debits before credits. Clear entry View general journal View transaction list Journal entry worksheet An inventory count shows that teaching supplies costing 52,433 are available at year-end. Note: Enter debits before credits. Clear entry View general journal View transaction list Journal entry worksheet On September 1, WTI agreed to do five training courses for a client for $2,500 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 $12,500 cash in advance for all five training courses on September 1, and WTI credited Note: Enter debits before credits. Transaction General Journal Debit Credit e. Record entry Clear entry View general journalView transaction list Journal entry worksheet 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 View transaction list Journal entry worksheet The balance in the Prepaid Rent account represents rent for December. Note: Enter debits before credits. Clear entry View general journal Journal entries Insurance expense $ 2,807 Prepaid insurance $ 2,807 (being insurance used/expired)Teaching supplies expense 5 8.219 Teaching supplies expense 5 3,219 {To record teaching supplies used] Depreciation expense-equipment $ 11,227 accumulated depreciation-Equipment $ 11,227 (To record annual depreciation on equipment)Depreciation expense-professional library S 5,614 accumulated depreciation-professional library 5,614 (To record depreciation on Professional library)\fTuition revenue receivable 5 ?,543 Tuition revenue 5 7.543 [To record recognition of Tuition revenue} Wages and salaries expense Wages and salaries payable {To record wages Expense for 2 workers for 2 days]: Rent expense S 2,132 Prepaid rent S 2,132 (To record Rent Expense for December)