Required:

1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end

Wells Technical Institute (WTI) 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 trial 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 explred. 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 library is $7,200. e. On September 1,WTI agreed to do five tralning 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 untll next year. The client pald $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 Immedlately) 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. Journal entry worksheet An analysis of WTI's insurance policies shows that $2,400 of coverage has expired. Note: Enter debits before credits. Journal entry worksheet An inventory count shows that teaching supplies costing $2,800 are available at year-end. Note: Enter debits before credits. Journal entry worksheet Annual depreciation on the equipment is $13,200. Note: Enter debits before credits. Journal entry worksheet 1 6 Annual depreciation on the professional library is $7,200. Note: Enter debits before credits. Journal entry worksheet On September 1, WTI agreed to do five 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. Note: Enter debits before credits. Journal entry worksheet 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,$7,500 of the tuition revenue has been earned by WTI. Note: Enter debits before credits. Journal entry worksheet \begin{tabular}{ll}