[The following Information applies to the questions displayed below.] Wells Technical Institute (WT), 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 items a through that require adjusting entries on December 31. Additional Information Items a. An analysis of WTI's Insurance policies shows that $3,071 of coverage has expired. b. An Inventory count shows that teaching supplies costing $2,662 are available at year-end. c. Annual depreciation on the equipment is $12,285. d. Annual depreciation on the professional library is $6,142 e. On September 1, WTI agreed to do five training courses for a client for $2,200 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 $11,000 cash in advance for all five training courses on September 1, and WTI credited Unearned Revenue. 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, $9,600 of the tuition revenue has been earned by WTI. g. WTT'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 Cash Debit $ 26,038 Credit Accounts receivable Teaching supplies 10,013 Prepaid insurance 15,023 Prepaid rent 2,004 Professional library 38,043 Accumulated depreciation Professional library $9,814 Equipment 97,888 Accumulated depreciation-Equipment 16,825 Accounts payable 27,888 Salaries payable Unearned revenue 11,888 T. Wells, Capital 99,671 T. wells, withdrawals 8,859 Tuition revenue Training revenue 182,148 38,055 Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense 48,871 Insurance expense Rent expense Advertising expense utilities expense Totals 22,844 Teaching supplies expense 7,818 5,608 $382,913 $382,913 Required information Complete this question by entering your answers in the tabs below. Req 3A Req 3B Req 3C Prepare Wells Technical Institute's income statement for the year. WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 < Req 3A Req 3B > 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 $99,671 on December 31 of the prior year, 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. Req 3A Req 38 Req 3C Prepare Wells Technical Institute's statement of owner's equity for the year. The T. Wells, Capital account balance was $99,671 on December 31 of the prior year, and there were no owner investments in the current year. WELLS TECHNICAL INSTITUTE Statement of Owner's Equity For Year Ended December 31 T. Wells, Capital, December 31 prior year Add: Investments by owner 0 T. Wells, Capital, December 31 current year < Req 3A Req 3C > Prepare Wells Technical Institute's balance sheet as of December 31. (Include all balance sheet accounts, even those with zero balances.) WELLS TECHNICAL INSTITUTE Balance Sheet December 31 < Req 3B Req 3C