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 offsite 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 that require adjusting entries on December 31 2017, follow Additional Information Items a An analysis of WTI insurance policies shows that $3.071 of coverage has expired. b. An inventory count shows that teaching supplies costing $2.662 are available at year-end 2017 c. Annual depreciation on the equipment is $12.285. d. Annual depreciation on the professional library is $6.142 e On November 1 WTI agreed to do a special six-month course starting immediately for a client. The contract calls for a monthly fee of $3,000, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2018 On October 15, WTI agreed to teach a four-month class (beginning immediately for an individual for $3,040 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI'S 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 Credit $ 9,432 16,768 34,249 WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31, 2017 Debit Cash $ 27, 245 Accounts receivable Teaching supplies 10,478 Prepaid insurance 15,719 Prepaid rent 2,097 Professional library 31,436 Accumulated depreciation- Professional library Equipment 73,338 Accumulated depreciation- Equipment Accounts payable Salaries payable Unearned training fees Common stock Retained earnings Dividends 41.916 Tuition fees earned Training fees earned Depreciation expense Professional Library Depreciation expense-Equipment Salaries expense 50,300 Insurance expense Rent expense 23,067 Teaching supplies expense Advertising expense 7.336 Utilities expense 5.868 Totals $288,800 15,000 13,000 53,646 106.885 39.820 $288.800 Req 3A Req 3B Reg 3C Prepare Wells Technical Institute's balance sheet as of Decere WELLS TECHNICAL INSTITUTE Balance Sheet December 31, 2017 Prepare Wells Technical Institute's income statement for the year 2 WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31, 2017 REG 3A Reg 3B >