Required Information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P6 (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 through h that require adjusting entries on December 31 Additional Information Items An analysis of WTi's insurance policies shows that $3,600 of coverage has expired . An inventory count shows that teaching Supplies costing $3,120 are available at year-end Canal depreciation on the ment is $4,400 d. Annual depreciation on the professional library is $1.200 e. On SeptemberWI agreed to do five courses for a client for $2.200 each. Two courses will start immediately and finish before the end of the year. Three courses begin until next year. The client paid $11000 cash in advance for all courses on September R u nearned raining Fees 1. A October 15. WTI agreed to teach a four-month class beginning immediate y for an executive with payment due at the end of the class. Ar December 31 $12200 of the tuition has been earned by WIL CWTSW loyees are paid weekly A d orthe year two days Salones have accrued at the rate of 5100 per day employee h. The balance in the prepaid Rent account representention December 2 1 13 Next >