WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Debit Credit Cash Accounts receivable Teaching supplies $ 28,000 0 10,768 Prepaid insurance 16,155 Prepaid rent 2,155 Professional library 32,307 Accumulated depreciation-Professional library $ 9,693 Equipment 95,000 Accumulated depreciation-Equipment 17,232 Accounts payable 27,000 Salaries payable 0 Unearned revenue Common stock 12,500 17,238 Retained earnings Dividends Tuition revenue Training revenue Depreciation expense-Equipment Salaries expense Insurance expense 82,000 43,078 109,846 40,923 Depreciation expense-Professional library 0 0 51,694 0 Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 23,705 0 7,539 6,031 $ 316,432 $ 316,432 3-a. 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 $82,000 on December 31 of the prior year. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31.