accruals are applied to the nearest half-month; for example, October recognizes one-half mont
g. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrue
day for each employee.
h. The balance in the Prepaid Rent account represents rent for December.
WELLS TECHNICAL INSTITUTE
Unadjusted Trial Balance
December 31, 2017
Cash
Debit
Credit
$ 26,944
Accounts receivable
0
Teaching supplies
10,362
Prepaid insurance
15,545
Prepaid rent
2,073
Professional library
31,088
Accumulated depreciation-Professional library
$ 9,328
Equipment
72,533
Accumulated depreciation-Equipment
16,582
Accounts payable
33,702
Salaries payable
0
Unearned training fees
15,000
Common stock
12,000
Retained earnings
53,908
Dividends
41,452
Tuition fees earned
105,701
Training fees earned
39,379
Depreciation expense-Professional library
0
Depreciation expense-Equipment
0
Salaries expense
49,743
Insurance expense
0
Rent expense
22,803
Teaching supplies expense
0
Advertising expense
254
Utilities expense
5,803
Totals
$ 285,600
$285,600
equired:
Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries