Wells Technical Institute (WTI. a school owned by Tristana Wels, provides training to individuals who pay tulion directly to the school WTI also offers training to groups in off-site locations. WTI initially records prepeld expenses and uneared revenues in balance sheet accounts its unadjusted trial balance of December 31 follows along with description of terms through that require adjusting entries on December 31 Crede Additional Information tems a. An analysis of WTI Insurance policies shows that $2.807 of coverage has expired. b. An invertory count shows that teaching supplies costing 52433 are available at year-end. c. Annual depreciation on the equipment is $11227. d. Annual depreciation on the professional library is $5,654 e On September 1, WTI agreed to do five courses for a client for $2.300 each. Two courses will start immediately and finish before the end of the year Three counes will not begin until next year. The clepsid $11,500 cash in advance for all five courses on September 1, and WTI credited Uneamed Training Feet On October 15, WTI agreed to reach a four-month class beginning immediately for an executive with payment due at the end of the class. At December 31, $8,048 of the tuition has been earned by WTL WT'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 Debih Cash 5 26.038 Accounts receivable o Teaching Supplies 10.013 Preool insurance 023 Prepaident 2,004 Professional Ibrary 30,043 Accumulated depreciation Profesional $ Equipment 97000 Accumulated depreciation Equipment 16.025 Accounts payable 26.000 Solens payable 0 Unearted training fees 11,500 Common Hoek 2017 Retained earnings Dividens 40.05 Tuition fees eamed 102.340 Training fees comed 38.055 Depreciation expense-Professionally Depreciation expense-Equipment 480 surance Remexpense 22.044 Teaching supplies expense 7,010 Advertising expense Ultes expense 5.000 Total $302.90 $302.90 9014 79.000 Salaries experte 3-8. Prepare Wells Technical Instie's income statement for the year. 3-b. Prepare Wells Technical Institute's statement of retained Gamings for the year. The Retained Earnings account balance was $79.000 on December 31 of the prior year. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31, Complete this question by entering your answers in the tabs below. RegJA Reg Rec Prepare Wells Technical Institute's income statement for the year. WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 Revenues