[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 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 h that require adjusting entries on December 31. Additional Information Items

1. An analysis of WTI's insurance policies shows that $3,600 of coverage has expired.
2. An inventory count shows that teaching supplies costing $3,120 are available at year-end.
3. Annual depreciation on the equipment is $14,400.
4. Annual depreciation on the professional library is $7,200.
5. On September 1, WTI agreed to do five courses for a client for $2,400 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 $12,000 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees.
6. 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, $11,700 of the tuition has been earned by WTI.
7. 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.
8. The balance in the Prepaid Rent account represents rent for December.

WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31
	Debit			Credit
Cash	$	27,547
Accounts receivable		0
Teaching supplies		10,594
Prepaid insurance		15,894
Prepaid rent		2,120
Professional library		31,784
Accumulated depreciationProfessional library				$	9,537
Equipment		97,000
Accumulated depreciationEquipment					16,954
Accounts payable					23,000
Salaries payable					0
Unearned training fees					12,000
Common stock					23,027
Retained earnings					82,000
Dividends		42,381
Tuition fees earned					108,069
Training fees earned					40,261
Depreciation expenseProfessional library		0
Depreciation expenseEquipment		0
Salaries expense		50,858
Insurance expense		0
Rent expense		23,320
Teaching supplies expense		0
Advertising expense		7,417
Utilities expense		5,933
Totals	$	314,848		$	314,848

Cash Equipment Unadj. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Bal. 0 Accounts Receivable Accumulated Depreciation Equipment Unadj. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Bal. 0 Teaching Supplies Accounts Payable Unadj. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Ball Prepaid Insurance Salaries Payable Unadj. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Bal. Prepaid Rent Unearned Training Fees Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Professional Library Common stock Unadj. Bal. Unadj. Bal. Adj. Bal Adj. Bal. Accumulated Depreciation-Professional Library Retained earnings Retained earnings Accumulated DepreciationProfessional Library Unadj. Bal. Unadj. Bal. Adj. Bal Adj. Bal. 0 Tuition Fees Earned Dividends Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. 0 Training Fees Earned Rent Expense Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Depreciation ExpenseProfessional Library Teaching Supplies Expense Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Depreciation Expense-Equipment Advertising Expense Unadj. Bal. Unadj. Bal Adj. Bal. Adj. Bal. 0 Salaries Expense Utilities Expense Unadj. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Bal. 0 Insurance Expense Adjusted Trial Balance December 31 Credit S Debit 27,547 11,700 3,120 12.294 0 31,784 97,000 23,000 400 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation Professional library Equipment Accumulated depreciation Equipment Accounts payable Salaries payable Unearned training fees Common stock Retained earnings Dividends Tuition fees earned Training fees earned Depreciation expenseProfessional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 23,027 82,000 42,381 51,258 3,600 7,474 7,417 5,933 301,508 S S 128,427 Reg 3A Reg 3B Reg 3C Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $82,000 on December 31 of the prior year. WELLS TECHNICAL INSTITUTE Statement of Retained Earnings For Year Ended December 31 Retained earnings, December 31 prior year end 0 Retained earnings, December 31 current year end S 0 Reg 3A Reg 3B Reg 30 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 0 0 S 0 0 0 $