Please fill out all 3 charts on a spreadsheet on a computer.

Wells Technical Institute (WTI) 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 $3,468 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,006 are available at year-end. c. Annual depreciation on the equipment is $13,871 d. Annual depreciation on the professional library is $6,936. e. On September 1, WTI agreed to do five training courses for a client for $2,900 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 $14,500 cash 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 due at the end of the class. At December 31 $9,798 of the tuition revenue has been camed 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 Prepold Rent account represents rent for December WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 28,000 @ 10, 768 16, 155 2, 155 32,307 $ 9,693 96,000 17, 232 23,000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 14,500 19, 238 83,000 43, 078 109,846 40, 923 51, 694 23, 705 7.539 6,031 $317.432 $317.432 3-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 $83,000 on December 31 of the prioryear. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31. Complete this question by entering your answers in the tabs below. Reg 3A Reg 38 Reg 3C Prepare Wells Technical Institute's income statement for the year Saved i WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 $ Revenues Tuition revenue Training revenue 119,644 46,723 $ 166,367 Total revenues Expenses Depreciation expense Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense 6,936 13,871 52,094 3,468 25,860 7,762 7,539 6,031 Total expenses Net income 123.561 42,806 $ Req 3A Reg 38 Req 3C Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $83,000 on December 31 of the prior year. WELLS TECHNICAL INSTITUTE Statement of Retained Eamings For Year Ended December 31 Retained earrings, December 31 por your end $ 83,000 Add: Net income 42,806 125,806 Less: Dividends 43,078 Retained earnings. December 31 current year ond 5 82,728 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 Accounts receivable Teaching supplies Prepaid insurance Equipment Professional library 0 0 0 Prepaid insurance Equipment Professional library 0 0 $ 0 0 $