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Required information [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. Its unadjusted trial balance as of December 31, 2017, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2017, follow Additional Information Items a. An analysis of WTIs insurance policies shows that $3,335 of coverage has expired b. An inventory count shows that teaching supplies costing $2,891 are available at year-end 2017 c. Annual depreciation on the equipment is $13,342 d. Annual depreciation on the professional library is $6,671 e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,300, and the client paid the first five months fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2018 f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $4,261 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTIs accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.) g. wTls 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.December 31, 2017 Debit Credit Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned training fees T. Wells, Capital T. Wells, Withdrawals Tuition fees earned Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals S 28, 302 10,884 16, 329 2,178 32, 655 $ 9,798 76,185 17,418 39, 659 11,500 69,231 43, 542 111, 036 41, 364 52,251 23,958 7, 62Θ 6,096 $ 300,000 $3ΘΘ, ΘΘΘCash Equipment Unadj. Bal Unadj. Bal Adj. Bal Adj. Bal Accounts Receivable Accumulated Depreciation-Equipment Unadj. Bal Unadj. Bal Adj. Bal. Adj. Bal. Teaching Supplies Accounts Payable Unadj. Bal Unadj. BalPrepaid Insurance Salaries Payable Unadj. Bal Unadj. Bal Adj. Bal Adj. Bal. Prepaid Rent Unearned Training Fees Unadj. Bal Unadj. Bal Adj. Bal Adj. Bal Professional Library T. Wells, Capital Unadj. Bal Unadj. Bal Adj. Bal Adj. BalDepreciation Expense-Equipment Utilities Expense Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Salaries Expense nsurance Expense Unadj. Bal Unadj. Bal Adj. Bal Adj Bal.Debit Credit Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned training fees T. Wells, Capital T. Wells, Withdrawals Tuition fees eaned Training fees eamed Depreciation expense Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals

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Cash
Unadj. Bal. $ 28,302.00                                                           
Adj. Bal $ 28,302.00
Accounts Receivable
Unadj. Bal. $                 -                                                                 
Tuition Fees earned $ 10,652.50
Adj. Bal $ 10,652.50
Teaching Supplies
Unadj. Bal. $ 10,884.00                                                               
Teaching Supplies Expense $            7,993.00
Adj. Bal $    2,891.00
prepaid Insurance
Unadj. Bal. $ 16,329.00                                                               
Insurance expense $            3,335.00
Adj. Bal $ 12,994.00
Prepaid Rent
Unadj. Bal. $    2,178.00                                                               
Rent $            2,178.00
Adj. Bal $                 -  
Professional Library
Unadj. Bal. $ 32,655.00                                                               
Adj. Bal $ 32,655.00
Accumulated Depreciation - Professional Library
Unadj. Bal.                             $            9,798.00
   Depreciation expense—Professional library $ 6,671.00
Adj. Bal $                 -   $ 16,469.00
Equipment
Unadj. Bal. $ 76,185.00                            
Adj. Bal $ 76,185.00
Accumulated Depreciation- Equipment
Unadj. Bal. $         17,418.00
Depreciation Expense-Equipment $         13,342.00
Adj. Bal $         30,760.00
Accounts Payable
Unadj. Bal. $         39,659.00
Adj. Bal $         39,659.00
Salary Payable
Unadj. Bal. $                         -  
Salaries Expense $               400.00
Adj. Bal $               400.00
Unearned Training Fees
Unadj. Bal. $         11,500.00
Training fees earned $    4,600.00
Adj. Bal $            6,900.00
Tuition Fees Earned
Unadj. Bal. $       111,030.00
Accounts Receivable $         10,652.50
Adj. Bal $       121,682.50
Training Fees Earned
Unadj. Bal. $         41,364.00
Unearned Training Fees $            4,600.00
Adj. Bal $         45,964.00
T.Wells Capital
Unadj. Bal. $         69,231.00
                                                                                             
Adj. Bal $         69,231.00
T.Wells Withdrwals
Unadj. Bal. $ 43,542.00
                                                                                             
Adj. Bal $ 43,542.00 $                         -  
Depreciation Expense- Professional Library
Unadj. Bal.
Accumulated Depreciation-Professional Library $    6,671.00
Adj. Bal $    6,671.00 $                         -  
Depreciation Expense- Equipment
Unadj. Bal.
Accumulated Depreciation-Equipment $ 13,342.00
Adj. Bal $ 13,342.00 $                         -  
Salaries Expense
Unadj. Bal. $ 52,251.00
Salary Payable $        400.00
Adj. Bal $ 52,651.00 $                         -  
Insurance Expense
Unadj. Bal.
Prepaid Insurance $    3,335.00
Adj. Bal $    3,335.00 $                         -  
Rent Expense
Unadj. Bal. $ 23,958.00
Prepaid Rent $    2,178.00
Adj. Bal $ 26,136.00 $                         -  
Teaching Supplies Expense
Unadj. Bal.
Teaching Supplies $    7,993.00
Adj. Bal $    7,993.00 $                         -  
Advertising Expense
Unadj. Bal. $    7,620.00
Adj. Bal $    7,620.00 $                         -  
Utilities Expense
Unadj. Bal. $    6,096.00
Adj. Bal $    6,096.00 $                         -  
Accounts Debit Credit
Cash $    28,302.00
Accounts Receivable $    10,652.50
Teaching Supplies $      2,891.00
Prepaid Insurance $    12,994.00
Prepaid Rent $                   -  
Professional Library $    32,655.00
Accumulated Depreciation- Professional Library $    16,469.00
Equipment $    76,185.00
Accumulated Depreciation- Equipment $    30,760.00
Accounts Payable $    39,659.00
Salary payable $          400.00
Unearned Training Fees $      6,900.00
T.Wells Capital $    69,231.00
T.Wells Withdrawls $    43,542.00
Tuition Fees Earned $ 121,682.50
Training Fees Earned $    45,964.00
Depreciation Expense- Professional Library $      6,671.00
Depreciation Expense- Equipment $    13,342.00
Salaries Expense $    52,651.00
Insurance Expense $      3,335.00
Rent Expense $    26,136.00
Teaching Supplies Expense $      7,993.00
Advertising Expense $      7,620.00
Utilities Expense $      6,096.00
Total $ 331,065.50 $ 331,065.50
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