Required Information The following information applies to the questions displayed below] Wells Technical Institute (WT 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 e. An analysis of WTE's insurance policies shows that $3.732 of coverage has expired b. An inventory count shows that teaching supplies costing $3.235 are available at year-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 $2.300 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 $11,500 cash in advance for all five training courses on September 1, and WTI credited Unearned Revenue 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 $12.600 of the tuition revenue has been earned by WTI g. WTT'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 Cash Accounts receivable Teaching supplies MELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 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 Teaching supplies expense Advertising expense Utilities expense Totals Debit $27,994 Credit . 10,420 25,632 2,05 59,300 12,000 26,675 24,000 105,293 39,599 50,822 22,935 7,295 5,46 5.336,365 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 $78.000 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. < Prev 3-a. Prepare Wells Technical Institute's income statement for the year. BARTKOS 3-b. Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $78,000 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 income statement for the year. WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 $ 0 Req 38 >> 13 Les starlet expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 50,022 e 22,935 e 7,295 5,836 $316,265 $316,265 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 $78,000 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 38 Req 3C Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $78,000 on December 31 of the prior year. WELLS TECHNICAL INSTITUTE Statement of Retained Earnings For Year Ended December 31 Retained eamings. December 31 prior year end Retained eamings. December 31 current year end $ Expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 0 22,935 7,295 5,836 $316,265 $316,265 3-8. Prepare Wells Technical Institute's income statement for the year. 3-b. Prepare Wells Technical Institute's statement of retained eamings for the year. The Retained Earnings account balance was $78,000 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 38 Req 30 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