WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 28,000 0 10,768 16,155 2,155 32,307 $ 9,693 102,000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 17,232 22,000 0 13,500 26,238 84,000 43, 078 109,846 40,923 0 0 51,694 0 23, 705 0 7,539 6,031 $ 323, 432 $323, 432 Prepare Wells Technical Institute's income statement for the year. WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 Revenues Tuition revenue Training revenue $ 213,586 40,923 Total revenues 254,509 Expenses 0