Required

Prepare T$-$accounts $($representing the ledger$)$ with balances from the unadjusted trial balance.

Prepare the necessary adjusting journal entries for items a through $h$ and post them to the T$-$accounts.

Assume that adjusting entries are made only at year$-$end.

Update balances in the T$-$accounts for the adjusting entries and prepare an adjusted trial balance.

Prepare Wells Technical Institute's income statement and statement of owner's equity for the year and

prepare its balance sheet as of December $31.$ The T$.$ Wells, Capital account balance was $$90,000$ on

December $31$ of the prior year, and there were no owner investments in the current year.