December 31 Debit Credit Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Equipment...

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December 31 Debit Credit Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable $ 27,094 0 10,420 15,632 2,085 31,262 Accumulated depreciation-Professional library $ 9,380 101,000 16,675 26,000 0 Unearned revenue Common stock Retained earnings 14,500 21,818 81,000 Dividends es Tuition revenue Training revenue Depreciation expense-Equipment Salaries expense Insurance expense 41,684 106,293 39,599 Depreciation expense-Professional library 0 0 50,022 0 Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 22,935 0 7,295 5,836 $ 315,265 $ 315,265 Problem 3-3A (Algo) Part 3 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 $81,000 on December 31 of the prior year. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31. December 31 Debit Credit Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable $ 27,094 0 10,420 15,632 2,085 31,262 Accumulated depreciation-Professional library $ 9,380 101,000 16,675 26,000 0 Unearned revenue Common stock Retained earnings 14,500 21,818 81,000 Dividends es Tuition revenue Training revenue Depreciation expense-Equipment Salaries expense Insurance expense 41,684 106,293 39,599 Depreciation expense-Professional library 0 0 50,022 0 Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 22,935 0 7,295 5,836 $ 315,265 $ 315,265 Problem 3-3A (Algo) Part 3 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 $81,000 on December 31 of the prior year. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31.