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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. Its unadjusted trial balance as of 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 31, 2017, follow. Additional Information Items a. An analysis of WTT's insurance policies shows that $3,864 of coverage has expired b. An 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 six-month course (starting immediately) for a client. The controct calls for a monthly fee of $2,700, and the client paid the first five months' fees in advance. When the cash was received, the Uneamed Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2018. f On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $4,900 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received (WTTs 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 $100 per day for each employee h. The balance in the Prepaid Rent account represents rent for December WELLS TECHNICAL INSTITUTE Unadjuatad Trial Balance Dacambar 31, 2017 Debit $ 26,642 Cradit Cash Accounts raceivablQ Teaching aupplies Propaid inaurance Propaid rant Profaaaional library Accuthulatad dapraciation-Profesaional 1iDrary Equipmant Accumulatad dapraciation-Equipment Accounts payabla Salariaa payable Unearned training feaD Common atock Retainad aarninga Dividands Tuition feas aarnad Training fees aarned Depraciation expenae-Professional 1ibrary Depraciation axpanae-Equipmant Salariaa xpanaa Inaurance Bxpanaa Rant expense 10,245 15,371 2,050 30, 739 9, 223 71,718 16,396 34,659 13.500 10,000 55,169 40,988 104,516 38, 937 49, 186 22,550 Advertiaing axpansa Utilitias Rxpanae euedce seTIddne EuTu 7.172 3, 738 Totala $282,400 $282, 400 3-a. Prepare Wells Technical Institute's income statement for the year 2017 3-b. Prepare Wells Technicel Institute's statement of owner's equity for the year 2017 3-c. Prepare Wells Technical Institute's balonce sheet as of December 31, 2017 LO 31, 2017 Complete this question by entering your answers in the tabs below. Req 3A Req 38 Req 3C Prepare Wells Technical Institute's income statement for the year 2017. WELL$ TECHNICAL INSTITUTE Income Statement For Year Ended December 31, 2017 Req 38 Complete this question by entering your answers in the tabs below. Rea 38 Req 3A Req 3C Prepare Wells Technical Institute's statement of owneer's equity for the year 2017. WELLS TECHNICAL INSTITUTE Statement of Retained Earnings For Year Ended December 31, 2017 Retained earnings. December 31, 2016 Retained earnings. December 31, 2017 Reg 3A Reg 3C Complete this question by entering your answers in the tabs below. Req 3A Req 38 Req 3C Prepare Wells Technical Institute's balance sheet as of December 31, 2017. WELLS TECHNICAL IN STITUTE Balance Sheet Decamber 31, 2017 Tutal equt Type here to search
