To Mcgraw Hill Connect Intermediate Accounting Spiceland 7th Ed ISBN-13 9780077635862 ISBN-13 9780077614041

WELLS TECHNICAL INSTITUTE Unadjusted Triat Balance December 31 Credit Debit $ 26,189 10,071 15, 110 2,015 30,217 70,500 $9,866 16,117 35,340 @ 12,000 64,062 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 T. Wells, Capital T. Wells, withdrawals Tuition fees earned Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense utilities expense Totals 40,291 102,740 38,275 48,350 22,165 7,051 5,641 $277,600 $277,600 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 $64,062 on December 31 of the prior year. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31