Wells Technical Institute $($WTI$)$ 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

a$.$ An analysis of WTI's insurance policies shows that $$3,732$ of coverage has expired.

b$.$ An inventory count shows that teaching supplies costing $$3,235$ are available at year$-$end.

c$.$ Annual depreciation on the equipment is $$14,929.$

d$.$ Annual depreciation on the professional library is $$7,464.$

e$.$ On September $1,$ WTI agreed to do five training courses for a client for $$2,900$ each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $$14,500$ cash in advance for all five training courses on September $1,$ and WTI credited Unearned Revenue.

f$.$ 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 $31,$ $$11,100$ of the tuition revenue has been earned by WTI.

g$.$ 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.

h$.$ The balance in the Prepaid Rent account represents rent for December.

$\backslash$table$[[\backslash$table$[[$WELLS TECHNICAL INSTITUTE$],[$Unadjusted Trial Balance$],[$December $31]]],[,$Debit,Credit$],[$Cash$,$$$26,189,],[$Accounts receivable,$0,],[$Teaching supplies,$10,071,],[$Prepaid insurance,$15,110,],[$Prepaid rent,$2,015,],[$Professional library,$30,217,],[$Accumulated depreciation$-$Professional library,,$$9,066],[$Equipment$,101,000,],[$Accumulated depreciation$-$Equipment,,$16,117],[$Accounts payable,,$21,000],[$Salaries payable,,$0],[$Unearned revenue,,$14,500],[$Common stock,,$24,402],[$Retained earnings,,$82,000],[$Dividends$,40,291,],[$Tuition revenue,,$102,740],[$Training revenue,,$38,275],[$Depreciation expense$-$Professional library,$0,],[$Depreciation expense$-$Equipment,$0,],[$Salaries expense,$48,350,],[$Insurance expense,$0,],[$Rent expense,$22,165,],[$Teaching supplies expense,$0,],[$Advertising expense,$7,051,],[$Utilities expense,$5,641,],[$Totals$,$$$308,100,$$$308,100]]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 $31.$

Complete this question by entering your answers in the tabs below.

Prepare Wells Technical Institute's income statement for the year. $3-$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 $31.$

Complete this question by entering your answers in the tabs below.

Prepare Wells Technical Institute's income statement for the year. $3-$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 $31.$

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Req $3A$

Req $3$B

Req $3$C

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. $3-$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 $31.$

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Req $3$B

Prepare Wells Technical Institute's balance sheet as of December $31.$

Note: Include all balance sheet accounts, even those with zero balances.