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. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items

1. An analysis of WTI's insurance policies shows that $4,129 of coverage has expired.
2. An inventory count shows that teaching supplies costing $3,578 are available at year-end.
3. Annual depreciation on the equipment is $16,515.
4. Annual depreciation on the professional library is $8,258.
5. On September 1, WTI agreed to do five training courses for a client for $2,700 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $13,500 cash in advance for all five training courses on September 1, and WTI credited Unearned Revenue.
6. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $13,550 of the tuition revenue has been earned by WTI.
7. 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.
8. The balance in the Prepaid Rent account represents rent for December.

WELLS TECHNICAL INSTITUTE
Unadjusted Trial Balance
December 31
	Debit	Credit
Cash	$ 26,189
Accounts receivable	0
Teaching supplies	10,071
Prepaid insurance	15,110
Prepaid rent	2,015
Professional library	30,217
Accumulated depreciationProfessional library		$ 9,066
Equipment	103,000
Accumulated depreciationEquipment		16,117
Accounts payable		23,000
Salaries payable		0
Unearned revenue		13,500
T. Wells, Capital		107,402
T. Wells, Withdrawals	40,291
Tuition revenue		102,740
Training revenue		38,275
Depreciation expenseProfessional library	0
Depreciation expenseEquipment	0
Salaries expense	48,350
Insurance expense	0
Rent expense	22,165
Teaching supplies expense	0
Advertising expense	7,051
Utilities expense	5,641
Totals	$ 310,100	$ 310,100

A) Prepare Wells Technical Institute's income statement for the year.

B)Prepare Wells Technical Institute's statement of owner's equity for the year. The T. Wells, Capital account balance was $107,402 on December 31 of the prior year, and there were no owner investments in the current year.

C) Prepare Wells Technical Institute's balance sheet as of December 31. (Include all balance sheet accounts, even those with zero balances.)

Revenues Tuition revenue Training revenue Par Year Ended D'entenniter 4-1 Expenses Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense $ 0 Prepare Wells Technical Institute's statement of owner's equity for the year. The T. Wells $107,402 on December 31 of the prior year, and there were no owner investments in th WELLS TECHNICAL INSTITUTE Statement of Owner's Equity For Year Ended December 31 T. Wells, Capital, December 31 prior year Add: Investments by owner Add: Net income Less: Withdrawals by owner T. Wells, Capital, December 31 current year Prepare Wells Technical Institute's balance sheet as of December 31. (Include all balance sheet a zero balances.) WELLS TECHNICAL INSTITUTE Balance Sheet December 31 Assets Cash Accounts receivable Teaching supplies Prepaid insurance Professional library Accumulated depreciation Professional library Depreciation expense-Equipment Accumulated depreciation-Equipment Total assets Liabilities $ 0 0 0 Revenues Tuition revenue Training revenue Par Year Ended D'entenniter 4-1 Expenses Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense $ 0 Prepare Wells Technical Institute's statement of owner's equity for the year. The T. Wells $107,402 on December 31 of the prior year, and there were no owner investments in th WELLS TECHNICAL INSTITUTE Statement of Owner's Equity For Year Ended December 31 T. Wells, Capital, December 31 prior year Add: Investments by owner Add: Net income Less: Withdrawals by owner T. Wells, Capital, December 31 current year Prepare Wells Technical Institute's balance sheet as of December 31. (Include all balance sheet a zero balances.) WELLS TECHNICAL INSTITUTE Balance Sheet December 31 Assets Cash Accounts receivable Teaching supplies Prepaid insurance Professional library Accumulated depreciation Professional library Depreciation expense-Equipment Accumulated depreciation-Equipment Total assets Liabilities $ 0 0 0