Required information [The following information applles 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 unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of hems a through h that require adjusting entries on December 31. Additional Information Items a. An analysis of WTi's insurance policies shows that $3,203 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,776 are avaliable at year-end. c. Annual depreciation on the equipment is $12,814. d. Annual depreciation on the professional library is $6,407. e. On September 1, WTI agreed to do five training courses for a cllent for $2,600 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 $13,000 cash in advance for all five training courses on September 1, and WTI credited Unearned Revenue. 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 class. At December 31,$9,250 of the tuition revenue has been earned by WTL. 9. 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. 3. Prepare Wels Technical institute's income stetement for the year 3.b. Prepare Wels Technical insitute's stetement of owner's equity for the year. The T. Welis. Capllal account balance was $109,496 on December 31 of vie prior year, and unere were no owner investitents in the curtent year. 3-c. Prepare Wells Technical insutuie's bolance sheet as of December 31 Complete this question by entering your answers in the tabs below. Prepare Wells Technical Institute's income statement for the year. 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 T. Wells, Capital account balance was $109,496 on December 31 of the prioryear, 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. Prepare Wells Technical Institute's statement of owner's equity for the year. The T. Weils, Capital account balance was $109,496 an Decernber 31 of the prior year, and there were no owner investments in the current year. 3-a. Prepare Welis Technical institute's income statement for the yeac. 3.b. Prepare Wells Technical Institute's statement of owner's equity for the yeat. The T. Wells, Capital account bafance was 5109,496 December 31 of the prior yeat, and there were no owner investments in the current yeat. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31. Complete this question by entering your answers in the tabs below. Prepare Wells Technical Institute's balance sheet as of December 31
