Chec Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to indviduals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. I 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 ts unadjusted trial balance as of 31, 2017, follow Additional Information Items a. An analysis of WTI's insurance policies shows that $3,864 of coverage has expired inventory count shows that teaching supplies costing $3,349 are available at year-end 2017 c. Annual depreciation on the equipment is $15,458. d. Annual depreciation on the professional library is $7729. e. On November 1, WTI agreed to do a special sik-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 recor when it is collected in 2018. f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,300 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received (WTI's accruals are applied to the nearest half-month, for example, October recognizes one- half month accrual.) g. WTI's two employees are paid weekly As of the end of the year, two days' salaries have accrued at the rate of h. The balance in the Prepaid Rent account represents rent for December $100 per day for each employee. Unadjusted Trial Balance December 31, 2017 DebitCredit Cash Accounts receivable s 26, 189 Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional 1ibrary Equipment Accunulated 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 10,071 15,110 2,015 30,217 $9,66 7e, 500 16, 117 35,848 11,500 64,062 sk 40,291 102,740 38, 275 int rences 48,350 22, 165 7,0s1 5,641 - Totals s 277.60e $277,680 Required information Prepare Wells Technical Institute's income statement for the year 2017. WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31, 2017 Revenues Training fees earnecd Tuition fees eamed ok nt 0 Expenses ences Depreciation expense-Equipment Depreciation expense-Professional library Teaching supplies expense Salaries expense Rent expense Required information Depreciation expense-Professional library Teaching supplies expense Salaries expense Rent expense Advertising expense Utilties expense Insurance expense Part 3 of 6 7.051 5,641 eBook Ask 12,692 Total expenses Net income Print Req 3A Req 3B Req 3C Part 3 of 6 Prepare Wells Technical Institute's statement of owner's equity for the year 2017 during the year WELLS TECHNICAL INSTITUTE Statement of Owner's Equity For Year Ended December 31, 2017 T. Wells, Capital, December 31, 2016 64,062 2.08 points eBook Add: Net income Ask Less: Withdrawals by owner T. Wells, Capital, December 31, 2017 64,062 (40,291) $ 23,771 Print es K Req 3A Req 3C ) Mc Graw Hill K Prey 4 5 6 7 of 12 Sco Required information Prepare Wells Technical Institute's balance sheet as of December 31, 2017. Include all balance sheet accounts, even those with zero balances. WELLS TECHNICAL INSTITUTE Balance Sheet December 31, 2017 nces 0 Required information 3 of 6 eBook Ask Print 0 ferences K Req 3B