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Problem 3-3A (Algo) Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P5 [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 a. An analysis of WTI's insurance policies shows that $3,600 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,120 are available at year-end. c. Annual depreciation on the equipment is $14.400. d. Annual depreciation on the professional library is $7.200. e. On September 1, WTI agreed to do five training courses for a client for $2,300 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 $11,500 cash in advance for all five training courses on September 1, and WTI credited Unearned Revenue. 1. 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. $11,950 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 WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 27, 245 @ 19,478 15,719 2,097 31,436 $ 9,432 102,000 16,768 26,888 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue T. Wells, Capital T. Wells, Withdrawals Tuition revenue Training revenue Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 11,5ee 107,857 41,916 106,885 39,820 @ @ 58,300 @ 23,067 7,336 5,868 $ 317,462 $ 317,462 Problem 3-3A (Algo) Part 1 Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 3.600 Insurance expense Prepaid insurance 3,600 2 b. Teaching supplies expense Teaching supplies 3 c. Depreciation expense-Equipment Accumulated depreciation-Equipment 4 d. Depreciation expense-Professional library Accumulated depreciation-Professional library 5 e. Unearned revenue Training revenue 6 f. Accounts receivable Tuition revenue 7 9 Salaries expense Salaries payable 8 h. Rent expense Prepaid rent