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Wells Technical Institute (WTI), a school ned by Tristana Wells, 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 WTl's insurance policies shows that $2,400 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,800 are available at year-end. c. Annual depreciation on the equipment is $13,200. d. Annual depreciation on the professional library is $7,200. e. On September 1, WTI agreed to do five courses for a client for $2,500 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 $12,500 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees. 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, $7,500 of the tuition 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 Credit Debit $ 34,000 8,000 12,000 3,000 35,000 $ 10,000 80,000 15,000 26,000 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 Common stock Retained earnings Dividends 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 12,500 10,000 80,000 50,000 128,900 40,000 50,000 0 33,000 6,000 6,400 $317,400 $317, 400 B-a. Prepare Wells Technical Institute's income statement for the year. 3-b. Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $80,000 on December 31 of the prior year. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31. Prepare Wells Technical Institute's income statement for the year. WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 Revenues Tuition fees earned $ Training fees earned 136,400 40,000 X 176,400 x $ Total revenues 352,800 Utilities expense Rent expense Insurance expense Advertising expense Salaries expense Depreciation expenseProfessional library Depreciation expense-Equipment 6,400 36,000 2,400 6,000 50,400 7,200 13,200 Prepare Wells Technical Institute's balance sheet as of December 31. Include all balance sheet accounts, even those with zero balances. WELLS TECHNICAL INSTITUTE Balance Sheet December 31 Assets Cash $ 34,000 Accounts receivable 7,500 2,800 Teaching supplies expense Prepaid insurance 9,600 0 Teaching supplies 0 $ 53,900 Accounts payable Accumulated depreciation Building Advertising expense Building Depreciation expense-Equipment Depreciation expense-Professional library Insurance expense Office supplies Office supplies expense Drenaid inciirance UITIce supplies Office supplies expense Prepaid insurance Rent earned Rent expense Rent receivable Training fees earned Tuition fees earned Unearned rent Unearned training fees Utilities expense