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 les 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 .. An analysis of WTI's insurance policies shows that $2.400 of coverage has expired. b. An inventory count shows that teaching supplies conting $2.800 are available at year-end c. Annual depreciation on the equipment is 513 200 d. Annual depreciation on the professional library is 57200 e. On Septembert WTI agreed to do five training courses for a client for $2.500 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 $12.500 cash in advance for all five training courses on September 1, and WTI Credited Uneamed Revenue t On October 15. WTI agreed to teach a four-month class beginning immediately for an executive with payment du the end of the class. At December 31 57.500 of the tuition revenue 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 that Balance December 11 Debit $4,200 Credit 8.000 13,000 35,000 510,000 0, 15.00 26,000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional Library Accumulated depreciation Professional Library Tout Accumulated depreciati-toupent Accounts payable Salaries payable Unearned rever Common stock Retained earnings Dividends Tuition rev Training revenue Depreciation expense Professional Library Depreciation expense-Equipo Salaries sense Insurance expens Reet expense Teaching Supplies post Advertising expense utilities te Totals 1,500 10,000 30.000 58,000 123,500 40.000 0 30. 33.000 0 0,000 6. 312.40 $317.400 3-o. Prepare Wells Technical Institute's income statement for the year 3-b. Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was 550.000 on December 31 of the prior year 3.c. Prepare Wells Technical Institute's balance sheet as of December 31 Complete this question by entering your answers in this tabs below