a. An analysis of WTI's Insurance policies shows that $3,864 of coverage has expired. b. An...

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a. An analysis of WTI's Insurance policies shows that $3,864 of coverage has expired. b. An Inventory count shows that teaching supplies costing $3,349 are available at year-end. c. Annual depreciation on the equipment is $15,458. d. Annual depreciation on the professional library is $7,729. 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, $11,750 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. WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance. December 31 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library. Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals Debit $ 26,793 Credit 8 10,304 15,458 2,062 30,913 $ 9,275 105,000 16,489 26,000 14,500 23,351 83,000 41,220 105,108 39,158 B 49,464 8 22,682 B 7,214 5,771 $ 316,881 $ 316,881 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 $83,000 on December 31 of the prior year. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31. a. An analysis of WTI's Insurance policies shows that $3,864 of coverage has expired. b. An Inventory count shows that teaching supplies costing $3,349 are available at year-end. c. Annual depreciation on the equipment is $15,458. d. Annual depreciation on the professional library is $7,729. 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, $11,750 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. WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance. December 31 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library. Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals Debit $ 26,793 Credit 8 10,304 15,458 2,062 30,913 $ 9,275 105,000 16,489 26,000 14,500 23,351 83,000 41,220 105,108 39,158 B 49,464 8 22,682 B 7,214 5,771 $ 316,881 $ 316,881 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 $83,000 on December 31 of the prior year. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31.