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) 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

1. An analysis of WTI's insurance policies shows that $2,674 of coverage has expired.
2. An inventory count shows that teaching supplies costing $2,318 are available at year-end.
3. Annual depreciation on the equipment is $10,698.
4. Annual depreciation on the professional library is $5,349.
5. On September 1, WTI agreed to do five training courses for a client for $2,800 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 $14,000 cash in advance for all five training courses on September 1, and WTI credited Unearned Revenue.
6. 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, $6,153 of the tuition revenue has been earned by WTI.
7. 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.
8. The balance in the Prepaid Rent account represents rent for December.

Required information 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) 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 $2,674 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,318 are available at year-end. c. Annual depreciation on the equipment is $10,698. d. Annual depreciation on the professional hibrary is $5,349. 6. On September 1, WTI agreed to do five training courses for a client for $2,800 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 $14,000 cash in advance for oll five training courses on Soptember 1 , and WTI credited Unearned Revenue. 4. 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,$6,153 of the tuition reventie has been eamed by WTI. 9. WTrs two employees are pold weekly. As of the end of the year, two days' salaries have accrued at the rate or $100 per doy for each employee. h. The bolance in the Prepald Ront account represents rent for December. h. The balance in the Prepaid Rent account represents rent for December. 2-a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. 2-b. Prepare an adjusted trial balance. Answer is not complete. Complete this question by entering your answers in the tabs below. Past the bolince from the unadjusted trial balance and the adjusting entries into the T-accounts. Required information \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Teaching Supplies } \\ \hline \multirow{2}{*}{ Unadjusted Balance } & 10,7680 & & \\ \hline & & b & 2,381 \\ \hline & & & \\ \hline Adjuited Balance & 8,387 & & \\ \hline \multicolumn{4}{|c|}{ Prepald Insurance } \\ \hline \multirow{3}{*}{\begin{tabular}{c} Unaciusted Butance \\ ff \end{tabular}} & 16,1550 & & \\ \hline & 4 & 0 & 2,6740 \\ \hline & & & \\ \hline Adlusted Bwiance & 13,481 & & \\ \hline \multirow{2}{*}{\multicolumn{4}{|c|}{\begin{tabular}{l} Propala Rent \\ 2,155 \end{tabular}}} \\ \hline \multirow[t]{3}{*}{ Unaduated Batunce } & & & \\ \hline & & & \\ \hline & & & \\ \hline \multirow[t]{3}{*}{ Maluited blatance } & 2,155 & & \\ \hline & & & \\ \hline & \multicolumn{3}{|c|}{ Professional Cibrory } \\ \hline Unadivitad Bwance & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Required intormation Prev 4 of 4 Next Required information Check my work mode : This shows what is correct or incorrect for the work you have completed so fac it does not indicate comple Prepare an adjusted trial balance. Work mode : This shows what is correct or incorrect for the work you have completed so fac it does not indicate comple 4 (1) Required information Part 2 of 2 60 points