zero balances.) WELLS TECHNICAL INSTITUTE Balance Sheet December 31 Assets Cash Accounts receivable SA $ 34,000 Teaching supplies Prepaid insurance 7,500 2,800 9,600 Professional library $ 35,000 Accumulated depreciation-Professional library 17,200 17,800 Equipment 80,000 Accumulated depreciation-Equipment 28,200 51,800 $ 123,500 Total assets Accounts payable Salaries payable Unearned revenue Total liabilities T. Wells, Capital Total assets and liability Liabilities Equity $ 26,000 400 7,500 33,900 90,000 $ 123,900 < Prev. C