Photos - Screenshot (129).png See all phalus + Audio o % dil & Creale Share 8 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. 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 WTI's insurance policies shows that $2,939 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,547 are available at year-end. c. Annual depreciation on the equipment is $11,756. d. Annual depreciation on the professional library is $5,878. e. On September 1, WTI agreed to do five courses for a client for $3,000 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 $15,000 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, $6,950 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. Type here to search O 31 ? . 6:00 AM 10/17/2020 Photos - Screenshot (130).png See all phols + Add to 0 Edit & Crealet Share 8 WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit 27,547 of 3 $ 10,594 15,894 2,120 31, 784 $ 9,537 74, 152 Accumulat ok Accounts payable Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment lated depreciation-Equipment Salaries payable Unearned training fees T. Wells, Capital Withdrawals Tuition fees earned Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expe Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 16,954 34,794 0 15,000 67,385 ices 42,381 108,069 40,261 50,858 0 23,320 7,417 5,933 $ 292,000 $292,000 Type here to search O 3/ + 6:01 AM 10/17/2020 Photos - Screenshot (132).png See all phalus + Aud lo Edit & Create Share 8 3-a. Prepare Wells Technical Institute's income statement for the year. 3-b. Prepare Wells Technical Institute's statement of owner's equity for the year. The T. Wells, Capital account balance was $67,385 on December 31 of the prior year. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31. Complete this question by entering your answers in the tabs below. Req Req 3B Req 3C Prepare Wells Technical Institute's income statement for the year. WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 $ 27,547 Cash Accounts receivable Total revenues $ 27,547 Type here to search O 3/ + 6:01 AM 10/17/2020 Photos - Screenshot (133).png See all phalus + Audio X Edit & Creale Share 8 3-a. Prepare Wells Technical Institute's income statement for the year. 3-b. Prepare Wells Technical Institute's statement of owner's equity for the year. The T. Wells, Capital account balance was $67,385 on December 31 of the prior year. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31. Complete this question by entering your answers in the tabs below. Req 3A Req 3B Req 3C Prepare Wells Technical Institute's statement of owner's equity for the year. Note: there were no owner investments during the year. The T. Wells, Capital account balance was $67,385 on December 31 of the prior year. WELLS TECHNICAL INSTITUTE Statement of Owner's Equity For Year Ended December 31 T. Wells, Capital, December 31 prior year end 0 T. Wells, Capital, December 31 current year end $ 0 1 Type here to search O 3/ ? + 6:02 AM 10/17/2020 Photos - Screenshot (131).png See all photos + Add to X Edit & Create Share 3-a. Prepare Wells Technical Institute's income statement for the year. 3-b. Prepare Wells Technical Institute's statement of owner's equity for the year. The T. Wells, Capital account balance was $67,385 on December 31 of the prior year. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31. Complete this question by entering your answers in the tabs below. Req 3A Req 3B Req 3C 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 Type here to search o 3/ ? + 6:02 AM 10/17/2020