equired information The following information applies to the questions displayed below.] Vells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly he school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned evenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of tems a through h that require adjusting entries on December 31 . Additional Information Items a. An analysis of WTi's insurance policies shows that $3,732 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,235 are avallable atyear-end. c. Annual depreciation on the equipment is $14.929. d. Annual depreciation on the professional library is $7,464. e. On September 1. WTI agreed to do five training courses for a client for $2.400 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 $12,000cash 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 dueat the end of the class, At December 31,$12,350 of the tuition revenue has been eamed 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. 3-a. Prepare. Wells Techinical listitute's income statement for the year. 3-b. Prepare Welis Technical Instatite's statement of owner's equay for the yean. The T. Weis, Capi December 31 of the poor year, and there were no owner investrients in the current yeat. 3-c. Prepare Wels Technical insticutes batance sheet as of December 31 Complete this question by entwing your answers in the tabs below, Ptenpe Wels tecticat inplateis statemere of ownery equity for the your, the t. Wale, Capicat account to Stoo, t40 on Decenter at ef the arier wac asd there mere no owher inventmente in the cair ent year. Prepare Wells Technical Institute's balance sheet as of December 31 . (Includa all hzlance sheet accounts zero balances.) equired information The following information applies to the questions displayed below.] Vells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly he school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned evenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of tems a through h that require adjusting entries on December 31 . Additional Information Items a. An analysis of WTi's insurance policies shows that $3,732 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,235 are avallable atyear-end. c. Annual depreciation on the equipment is $14.929. d. Annual depreciation on the professional library is $7,464. e. On September 1. WTI agreed to do five training courses for a client for $2.400 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 $12,000cash 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 dueat the end of the class, At December 31,$12,350 of the tuition revenue has been eamed 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. 3-a. Prepare. Wells Techinical listitute's income statement for the year. 3-b. Prepare Welis Technical Instatite's statement of owner's equay for the yean. The T. Weis, Capi December 31 of the poor year, and there were no owner investrients in the current yeat. 3-c. Prepare Wels Technical insticutes batance sheet as of December 31 Complete this question by entwing your answers in the tabs below, Ptenpe Wels tecticat inplateis statemere of ownery equity for the your, the t. Wale, Capicat account to Stoo, t40 on Decenter at ef the arier wac asd there mere no owher inventmente in the cair ent year. Prepare Wells Technical Institute's balance sheet as of December 31 . (Includa all hzlance sheet accounts zero balances.)
