vork The following information applies to the questions displayed below) Wells Technical Institute (WTI) provides training to individuals who pay tuition directly to the school. WTI also offe to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet a Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through h that require entries on December 31 Additional Information a. An analysis of WTI's insurance policies shows that $2.400 of coverage has expired b. An inventory count shows that teaching supplies costing $2,800 are available at year-end, c. Annual depreciation on the equipment is $13.200 d. Annual depreciation on the professional library is $7200 e. On September 1. WTI agreed to do five training courses for a client for $2,500 each. Two courses will start im and finish before the end of the year. Three courses will not begin until next year. The client paid $12,500 cash 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 paymer the end of the class At December 31, $7500 of the tuition revenue has been earned by WTI 9. WTI's two employees are paid weekly. As of the end of the year, two days salaries have accrued at the rate of day for each employee h. The balance in the Prepaid Rent account represents rent for December HELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 24,000 3.000 12.000 3.800 35,00 51,00 38,090 15.00 26.000 Cash Accounts receivable Teaching Supplies Prepad insurance Prepaid rent Professional Library Accumulated depreciation Professional Library Equipment Accumulated depreciation Equipment Accounts payable Sezories payable Usearned revenue Common stock Retained cernings Dividends Tuition revenue Training revenue Depreciation expense-Professional Ibrary Depreciation expense Coupent Salaries expense Insurance expense Rent expense Teaching supplies e pense Advertising expense Utilities expense Totals 12.50 10,000 30,000 Sa, 000 123,900 40,000 50,000 a 33,000 5,000 6,400 $ 317.40 $ 317,400 sulule sincome statement for the year. WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 erences elow. Complete this question by entering your answers in the tabs Reg 3A Reg 3B Reg 30 Prepare Wells Technical Institute's statement of retained earnings for the year. T $80,000 on December 31 of the prior year! WELLS TECHNICAL INSTITUTE Statement of Retained Earnings For Year Ended December 31 Retained earnings, December 31 prior year end Retained earnings. December 31 current year end Reg 3A Req 3C Reg 3A Red 3B Reg 30 Prepare Wells Technical Institute's balance sheet as of December 31. (Include all balance balances.) WELLS TECHNICAL INSTITUTE Balance Sheet December 31