WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 34,000 8,000 12,000 3,000 35,000 $10,000 80,000 15,000 26,000 3 Cash 4 Accounts receivable 5 Teaching supplies 6 Prepaid insurance 7 Prepaid rent 8 Professional library 9 Accumulated depreciation - Professional library 10 Equipment 11 Accumulated depreciation-Equipment 12 Accounts payable 13 Salaries payable 14 Unearned training fees 15 T. Wells, Capital 16 T. Wells, Withdrawals 17 Tuition fees earned 18 Training fees earned 19 Depreciation expense - Professional library 20 Depreciation expense-Equipment 21 Salaries expense 22 Insurance expense 23 Rent expense 24 Teaching supplies expense 25 Advertising expense 26 Utilities expense 27 Totals 12,500 90,000 50,000 123.900 40.000 0 0 50,000 0 33,000 0 6,000 6.400 $317,400 $317.400 ch Required 1. Prepare T-accounts (representing the ledger) with balances from the unadjusted trial balance 2. Prepare the necessary adjusting journal entries for items a through h and post them to the T-accounts. Assume that adjusting entries are made only at year-end. 3. Update balances in the T-accounts for the adjusting entries and prepare an adjusted trial balance, 4. Prepare Wells Technical Institute's income statement and statement of owner's equity for the year and prepare its balance sheet as of December 31. The T. Wells, Capital account balance was $90,000 on December 31 of the prior year. 125 $32 (411