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 uneamed 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 $3,732 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 $2,400 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 $12,000 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, $12.350 of the tuition revenue 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 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library. Equipment Accumulated depreciation-Equipment Accounts payable Salaries pavable Debit $ 26,340 Credit 0 10,129 15,197 2,027 30,391 $ 9,119 98,000 16,210 27,000 red information 2A Req 28 the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. Cash usted Balance - 26.340 ed Balance 26.340 Unadjusted Balance Equipment Adjusted Balance 0 Busted Balance Accounts Receivable Accumulated Depreciation-Equipme Unadjusted Balance 12.350 O c stod Balance 12.350 Teaching Supplies Adjusted Balance Accounts Payable dunted Balance 10.129 O Unadjusted Balance b HO Busted Balance 1235 Adjusted Balance Pred adjusted Balance 15.107 O Unaquated Balance 37320 usted Balance 11,465 Adusted Balance 91 55 W E A T S 9 LL F G H B Selaries Payale QME 20 7 P Totals $306,297 $38 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 TW December 31 of the prior year, and there were no owner investments in the current 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. 0 RQ3 Req 38 Prepare Wells Technical Institute's statement of owner's equity for the year. The 1. Wells, Cap $100,140 on December 31 of the prior year, and there were no owner investments in the curr WELLS TECHNICAL INSTITUTE Statement of Owner's Equity For Year Ended December 31 T Wells Capital December 31 prior year Add Investments by owner Add Net income Less Withdrawals by owner T Wells Capital, December 31 curent year W 0 12.368 $ 12.368) E R Y B 88 QURE Work Required information December 31 of the prior year, and there were no owner investments in the current 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. Reg A Prepare Wells Technical Institute's balance sheet as of December 31. (Include all balance sheet accounts, hero balances) WELLS TECHNICAL INSTITUTE Balance Sheet December 31 0 4 A E D F C H