Required Information 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. Its unadjusted trial balance as of December 31, 2017 follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2017, follow. Additional Information Items a. An analysis of WTI's insurance policies shows that $3,600 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,120 are available at year-end 2017 C. Annual depreciation on the equipment is $14.400. d. Annual depreciation on the professional library is $7.200. e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,600, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2018 f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $4,480 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accruall) g. 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 Trial Balance December 31, 2017 Credit Debit 27,094 $ Accounts receivable Teaching supplies Prepaid insurance 10.42e 15,632 2,885 31.262 $ 9,380 72,935 16,675 35,976 Professional library Accumulated depreciation Professional library Equipment Accumulated depreciation Equipment Accounts payable Salarios payable Unearned training fees Cormon stock Retained earnings Dividends Tuition fees carned Training fees carned Depreciation expense-Professional library Depreciation expense Equipment Salaries expense 13, eee 11.ee 55,277 41,684 186,293 39,599 52,822 22,935 Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 7,295 5.836 287,zee $287,200 Complete this question by entering your answers in the tabs below. Red 2A Reg 2 Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts Equipment 2.935 Uhad Bal 27.094 Uhadi Bal 7 27.094 Adil 72.935 Accounts Receivable Accumulated Depreciation Equipment hadi Bal Unadi. Bal. 11.200 14.400 Ad Bal 11.200 Adi Bal Accounts Payable Teaching Supplies 101420 Unadi. Bal Unadi. Bal. 7.300 Ad Bal. 3.120 Adi Balo Prepaid Insurance Salarles Payable Unadi. Bal. 15.632 Unadj. Bal. Adj. Dal 15,632 Ad Bal. Prepaid Rent Unearned Training Fees Unai Bal 2085 Unadi. Bal Ad Bal 2.085 Common stock Professional Library 3 1262 Unadi. Bal Unadi. Bal. Ad Bal 31.282 A B Accumulated Depreciation Professional Library Retained earnings Uha 7.200 7.200 AGBL10 Tuition Fees Earned Dividende 41.684 11.2001 Adi Bal 41.884 Required information Professional Library Common stock Und Ball AGB Accumulated Depreciation Professional Library Retained earnings Uradi. Bal Adal 7.200 A Bal Tuition Fees Earned Dividende 41.684 hadi. Bal 11.2001 Adi Bal 41.684 Training Fees Earned Rent Expense 22,935 Uradi Dal Unadj. Bal. Ad Bal. Adi Bal 22.935 Teaching Supplies Expense Depreciation Expense-Professional Library Unadi. Bal. 7200 Unadi. Bal. 7.300 Ac Bal 7200 A Bal 7.300 Depreciation Expense-Equipment Unadi. Bal. Advertising Expense 7295 Uhadi Bal 7.296 Salaries Expense U s Expense 50.022 Unadi. B 50.022 ABL 5.836 Insurance Expense Unadi. Bu Required information Complete this question by entering your answers in the tabs below. 2 of 3 Reg 2A Reg 28 Prepare an adjusted trial balance. Book Credit Print erences WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31, 2017 Debit Cash $ 27,094 Accounts receivable 11,200 Teaching supplies 3,120 Prepaid insurance Prepaid rent Professional library Accumulated depreciationProfessional 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 S 41,414 $ 0 Required information 3-c. Prepare Wells Technical Institute's balance sheet as of December 31, 2017 3 of 3 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 2017. Book WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31, 2017 Print Revenues Tuition fees earned erences Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Net income Req3A Req 3B > Teaching supplies expense Advertising expense Utilities expense Totals 7,295 5,836 $ 287,200 $287,200 3-a. Prepare Wells Technical Institute's income statement for the year 2017 3-b. Prepare Wells Technical Institute's statement of owner's equity for the year 2017. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31, 2017 Complete this question by entering your answers in the tabs below. Req 3A Req 3B Req 3C Prepare Wells Technical Institute's statement of owner's equity for the year 2017. WELLS TECHNICAL INSTITUTE Statement of Retained Earnings For Year Ended December 31, 2017 Retained earnings, December 31, 2016 Retained earnings, December 31, 2017 $ 0 Required information Part 3 of 3 Complete this question by entering your answers in the tabs below. Req 3A Req 3B Req 3C 3.34 points Prepare Wells Technical Institute's balance sheet as of December 31, 2017. WELLS TECHNICAL INSTITUTE Balance Sheet December 31, 2017 eBook Print References Total equity