Required information

[The following information applies to the questions displayed below.] 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. Its unadjusted trial balance as of December 31, 2017, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items athrough h that require adjusting entries on December 31, 2017, follow. Additional Information Items

An analysis of WTI's insurance policies shows that $3,071 of coverage has expired.

An inventory count shows that teaching supplies costing $2,662 are available at year-end 2017.

Annual depreciation on the equipment is $12,285.

Annual depreciation on the professional library is $6,142.

On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $3,000, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2018.

On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,040 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.)

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.

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

WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31, 2017
	Debit			Credit
Cash	$	26,944
Accounts receivable		0
Teaching supplies		10,362
Prepaid insurance		15,545
Prepaid rent		2,073
Professional library		31,088
Accumulated depreciationProfessional library				$	9,328
Equipment		72,533
Accumulated depreciationEquipment					16,582
Accounts payable					33,702
Salaries payable					0
Unearned training fees					15,000
Common stock					15,000
Retained earnings					50,908
Dividends		41,452
Tuition fees earned					105,701
Training fees earned					39,379
Depreciation expenseProfessional library		0
Depreciation expenseEquipment		0
Salaries expense		49,743
Insurance expense		0
Rent expense		22,803
Teaching supplies expense		0
Advertising expense		7,254
Utilities expense		5,803
Totals	$	285,600		$	285,600

3-a. Prepare Wells Technical Institute's income statement for the year 2017. 3-b. Prepare Wells Technical Institute's statement of owner's equity for the year 2017. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31, 2017.

Prepare Wells Technical Institute's income statement for the year 2017.

	WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31, 2017

Prepare Wells Technical Institute's statement of owner's equity for the year 2017.

	WELLS TECHNICAL INSTITUTE Statement of Retained Earnings For Year Ended December 31, 2017 Retained earnings, December 31, 2016 Retained earnings, December 31, 2017

Prepare Wells Technical Institute's balance sheet as of December 31, 2017.

	WELLS TECHNICAL INSTITUTE Balance Sheet December 31, 2017 Total equity