Required Information Problem 3-3A (Algo) Preparing adjusting entries, adjusted trial balance, and financ ial statements LO P1, P2 P3, P4, P5 [The following information applies to the questions dispiaye d beiow] Wells Technical Institute (WTl), 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 athrough h that require adjusting entries on December 31. Ackitional Intornation hent a. An analysis of WTI's insurance policies shows that $3,203 of coverage has expired. b. An inventory count shows that te aching supplies costing $2,76 are available at year-end. c. Annual depreciation on the equipment is $12,814. d. Annual depreciation on the professional library is $6,407. e. On September 1. WTI agreed to do five training courses for a client for $2,800 each. Two courses will st art 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. t. On October 15. WTI agreed to teach a four-month class (beginning immediately) for an exe cutive with payment due at the end of the class. At December 31,$8.750 of the tuition revenue has been earned by WTI. g. WTI's two employees are paid weekly. As of the end of the ye ar, 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. equired: Prepare the necessary adjusting journal entries for items athrough h. Assume that adjusting entries are made only at year-end. Journal entry worksheet 2345678> An analysis of WTI's insurance policies shows that $3,203 of coverage has expired. Nale: Enler aediz belare creais. quired: Prepare the necessary adjusting journal entries for items athrough h. Assume that adjusting entries are made only at year-end. Journal entry worksheet