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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 tultion 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 Items a through h that requtre adjusting entries on December 31 Additional information Items 2. An analysis of WTI's Insurance policies shows that $3,864 of coverage has expired b. An inventory count shows that teaching supplies costing $3,349 are available at year-end. c. Annual depreciation on the equipment is $15,458. d. Annual depreciation on the professional library is $7,729. e. On September 1. WTI agreed to do five courses for a client 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 courses on September 1, and WTI credited Unearned Training Fees f. 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, $12,500 of the tuition has been earned by WTI. 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 WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 credst $ Debit 27,547 e 10,594 15,894 2,120 31,784 $1,532 14,153 16.954 16,794 Cash Accounts receivable Teaching supplies Prepaid Insurance Prepaid rent Professional Library Accumulated depreciation Professional library Equipment Accumulated depreciation Equipent Accounts payable Salaries payable Unearned training fees 1. wells) Capital 1. Wells, withdrawals Tuition fees and Training warned Depreciation expense-Professional library Depreciation expense-Loupant Salaries expanse IPA CE ense Went pense Teaching supplies exponce Advertising expen utilities expense Torals 11.000 67,305 42. 100.00 40.261 2320 241 32920 2000 3.a. Prepare Wells Technical Institute's income statement for the year 3.6. Prepare Wells Technical institute's statement of owners equity for the year. The T. Wells, Capital account balance was $67,385 on December 31 of the prior year 3-c. Prepare Wells Technical institute's balance sheer os or December 31 Complete this question by entering your answers in the tabs below. Req Req 3B Req 3C Prepare Wells Technical Institute's income statement for the year. WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 a Req 3A Req 3B Req 30 Prepare Wells Technical Institute's statement of owner's equity for the year. Note: there were no own the year. The T. Wells, Capital account balance was $67,385 on December 31 of the prior year. WELLS TECHNICAL INSTITUTE Statement of Owner's Equity For Year Ended December 31 T. Welis. Capital, December 31 prior year end T Wells Capital, December 31 current year and Req Reg 3B Reg 3C Prepare Wells Technical Institute's balance sheet as of December 31. Include all balance sheet accounts, even those wit balances. 2:27:14 WELLS TECHNICAL INSTITUTE Balance Sheet December 31
