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The following information applies to the questions displayed below] Welis Technical institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay

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The following information applies to the questions displayed below] Welis Technical institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition diectly to the school WIt also olfers training to groups in off-site locations. WTI intially records prepaid expenses and unearned revenues in balance stheet accounts, its unadjusted tilal balance as of December 31 follows, along with desciptions of items at though h that require adjusting entries on December 3t Additional Information items o. An analysis of WTrs insurance policies shows that $3,600 of coverage has expred. b. An inventory count shows thiat teaching supplles costing $3.120 are avalable at year end c. Annual depreclation on the equipment is $14,400 d. Annual depreciation on the piofessional hibrary is $7,200 e. On September 1, WTl agrend to do five training courses for a client for $2,600 each. Two courses will stant immediately and finlsh before the end of the yoat. Theee courses will not begin until next yeat The client paid $13,000 cash in advance for all fwe training courses on September 1 , and WTI credited Unearned Revenue. f. On October 15. WT agreed to teach a four-month class (beginning immediately) for an executive with poyment due at the end of the class. At December 31,$11,200 of the luiton revenue has been earned by WII g. WIr's two employees are paid weeldy. As of the end of the year, two days' salanies hove accrued at the tate of $100 per day lot each employee, h. The balance in the Prepaid Rent account represents rent for December For Year Ended December 31 Prepare Wells Technical Institute's statement of owner's equity for the year. The T. Wells, Capital account balance was $103,557 on December 31 of the prior year, and there were no owner investments in the current year: WELLS TECHNICAL INSTITUTE Balance Sheet December 31

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