Required Information [The following information applies to the questions displayed below] Wells Technical Institute (WT), 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 unesmed revenues in belance 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 WTs 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. Annuel depreciation on the equipment is $13.871 d. Annuel depreciation on the professional library is $6,936 e. On September 1 WTI agreed to do five courses for a client for $2.700 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 $13.500 cash in advance for all five courses on September t, and WTI credited Uneamed Training Fees 1. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the cless. At December 31, $10,298 of the tuition has been earned by WTI 9. WT'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 Ochit $ 26,189 Credit accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation Professional library Accumulated depreciation-Equipeent Accounts payable 10.071 25,110 2,01 Salaries payable earned training fees Common stock Retained earnings Dividends Tastion fees earned fraining fees and Depreciation expense Professional library Depreciation expense-qu Salaries pense Insurance expense Put expens Teaching supplies expense Advertising Totals $3,066 98,000 26,117 23,000 13,500 75,000 102,740 18,275 45,350 22.105 . 5,641 305,300 3-a. 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 $70,000 on December 31 of the prior year 3-c Prepare Wells Technical institute's belance sheet as of December 31 Complete this question by entering your answers in the tabs below. Aug 3A Req 3 Prepare Wets Technical Instituber's income statement for the year WELLS TECHNICAL INSTITUTE Income stalemand For Year Ended Dec 21