Problem 3-3A (Static) Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P5 [The following information applles to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to Individuals who pay tultion directly to the school. WTI also offers training to groups in off-site locations. WTI Initlally records prepald expenses and unearned revenues in balance sheet accounts. Its unadjusted trlal balance as of December 31 follows, along with descriptions of Items a through h that require adjusting entrles on December 31. Additional Information a. An analysis of WTI's Insurance policles shows that $2,400 of coverage has expired. b. An Inventory count shows that teaching supplies costing $2,800 are avallable at year-end. c. Annual depreclation on the equipment is $13,200. d. Annual depreclation on the professional Ilbrary is $7,200. e. On September 1 , WTI agreed to do five training courses for a client for $2,500 each. Two courses will start immedlately and finish before the end of the year. Three courses will not begin until next year. The cllent paid $12,500 cash In advance for all five traIning courses on September 1 , and WTI credited Unearned Revenue. f. On October 15, WTI agreed to teach a four-month class (beginning Immediately) for an executlve with payment due at the end of the class. At December 31,$7,500 of the tultion revenue has been earned by WTI. g. WTI's two employees are pald weekly. As of the end of the year, two days' salarles have accrued at the rate of $100 per day for each employee. 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 entrles into the T-accounts. 2-b. Prepare an adjusted trlal balance. Complete this question by entering your answers in the tabs below. Post the balance from the unadjusted trial balance and the adjustinq entries into the T-accounts. Complete this question by entering your answers in the tabs below. Prepare an adjusted trial balance