Required information [The following information applies to the questions displayed below.] Wells Technical Institute (WTI) provides...

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Required information [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 $3,600 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,120 are available at year-end. c. Annual depreciation on the equipment is $14,400. d. Annual depreciation on the professional library is $7,200. e. 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. f. 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, $10,700 of the tuition revenue has been earned by WTI. g. 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. h. The balance in the Prepaid Rent account represents rent for December. WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Debit Credit Cash Accounts receivable Teaching supplies $ 26,340 10,129 Prepaid insurance 15,197 Prepaid rent 2,027 Professional library. 30,391 Accumulated depreciation-Professional library $ 9,119 Equipment 96,000 Accumulated depreciation-Equipment 16,210 Accounts payable 23,000 Salaries payable 0 Unearned revenue 14,000 Common stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expense-Equipment Salaries expense Insurance expense 24,140 76,000 40,523 103,332 38,496 Depreciation expense-Professional library 0 0 48,628 0 Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 22,297 7,092 5,673 $ 304,297 $ 304,297 No Transaction General Journal Debit Credit Required information [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 $3,600 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,120 are available at year-end. c. Annual depreciation on the equipment is $14,400. d. Annual depreciation on the professional library is $7,200. e. 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. f. 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, $10,700 of the tuition revenue has been earned by WTI. g. 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. h. The balance in the Prepaid Rent account represents rent for December. WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Debit Credit Cash Accounts receivable Teaching supplies $ 26,340 10,129 Prepaid insurance 15,197 Prepaid rent 2,027 Professional library. 30,391 Accumulated depreciation-Professional library $ 9,119 Equipment 96,000 Accumulated depreciation-Equipment 16,210 Accounts payable 23,000 Salaries payable 0 Unearned revenue 14,000 Common stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expense-Equipment Salaries expense Insurance expense 24,140 76,000 40,523 103,332 38,496 Depreciation expense-Professional library 0 0 48,628 0 Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 22,297 7,092 5,673 $ 304,297 $ 304,297 No Transaction General Journal Debit Credit