Required information [The following information polles to the questions displayed below Wels Technical Institute (WTI) school owned by Tristan We provides training to individuals who pay tuition directly to the school. WTi so offers training to groups in offsite locations. WTI initially records prepaid expenses and unernes revenues in balance sheet sccount is unsdjusted tris balance as of December 31 follows song with descriptions of tems through that require adjusting entries on December 31. Additional Information Items a. Anysis of WTI's Insurance po ces shows the $3.732 i covesge has expired 6. An Inventory count shows that tesching supple: costing $3.235 are available at year-end. c. Annus depreciation on the equipments $14.929. d. Annual depreciation on the professional library S7,464 e. On September 1. WTI agreed to do five training courses for a client for $2,600 esch Two courses will srt Immediately and finish before the end of the year. Three Courses will not begin until next year. The clentosid $13.000 cash in sovance for a five training courses on September and WTI credited Unesrned Revenue. f. On October 15, WTI agreed to teach four month class beginning immediately for an executive with psyment ouest the end of the class At December 31, 911,850 of the tuition revenue has been earned by WTI. g. Wits two employees se geld weekly. As of the end of the year, two days'ssaries have scored at the ste of $100 per day for each employee h. The balance in the Prepeld Rent account represents rent for December Credit Dobit $ 27,00 . 10,552 15,981 2,132 33.958 $9,599 9. WELLS TECHNICAL INSTITUTE Wasted Trial Balance December 31 Cash Accounts receivable Teaching selles Prepaid Surence Prepaid cont Professional library Accumulated depreciation Professional library depreciation Equipment Accounts payable unded 1. wills, Capital T. novo Depreciation Gente Professional library Depreciation couponce Equipment Salaries Insurance expense Runtowe Teachi supilles en Advertising experie utilities Totals Stars pul 17.046 21, 2 105.267 13,000 escorts 42,513 38,61 40,482 5,11 a 23,452 a 7,457 5,966 $ 317,845 $317.845 48,482 @ Training revenue Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 51,136 @ 23,452 7,457 5,966 $ 317,845 $317.645 Required: 1. Prepare the necessary adjusting Joumal entries for Items a through n Assume that adjusting entries are made only at year-end. View transaction at Journal entry worksheet 7.457 Advertising expense Utilities expense Totals $ 317,045 $ 217,645 3.a. Prepare Wells Technical Institute's income statement for the year. 3b. Prepare Wells Technical Institute's statement of owner's equity for the year. The T. Wells, Capital account balance was $105.267 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. RA Reg 35 R30 Prepare Wells Technical Institute's balance sheet as of December 31. (Incude all balance sheet accounts, even those with zero balances.) WELLS TECHNICAL INSTITUTE Balance Sheet December 31 0 o 0 $
