K December 31 Cash Debit $34,000 Credit Accounts receivable 0 Teaching supplies 8,000 Prepaid insurance 12,000...

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K December 31 Cash Debit $34,000 Credit Accounts receivable 0 Teaching supplies 8,000 Prepaid insurance 12,000 Prepaid rent 3,000 Professional library 35,000 $ 10,000 Accumulated depreciation-Professional library Equipment 80,000 15,000 Accumulated depreciation-Equipment Accounts payable 26,000 0 Salaries payable Unearned revenue 12,500 90,000 T. Wells, Capital T. Wells, Withdrawals Tuition revenue Training revenue 50,000 123,900 40,000 Depreciation expense-Professional library 0 Rent expense Depreciation expense-Equipment Salaries expense Insurance expense Teaching supplies expense 0 50,000 0 33,000 0 Advertising expense 6,000 Utilities expense Totals 6,400 $317,400 $317,400 Required 1. Prepare T-accounts (representing the ledger) with balances from the unadjusted trial balance. 2. Prepare the necessary adjusting journal entries for items a through h and post them to the T-accounts. Assume that adjusting entries are made only at year-end. 3. Update balances in the T-accounts for the adjusting entries and prepare an adjusted trial balance. 4. Prepare Wells Technical Institute's income statement and statement of owner's equity for the year and prepare its balance sheet as of December 31. The T. Wells, Capital account balance was $90,000 on 21 and there were no owner investments in the current year K December 31 Cash Debit $34,000 Credit Accounts receivable 0 Teaching supplies 8,000 Prepaid insurance 12,000 Prepaid rent 3,000 Professional library 35,000 $ 10,000 Accumulated depreciation-Professional library Equipment 80,000 15,000 Accumulated depreciation-Equipment Accounts payable 26,000 0 Salaries payable Unearned revenue 12,500 90,000 T. Wells, Capital T. Wells, Withdrawals Tuition revenue Training revenue 50,000 123,900 40,000 Depreciation expense-Professional library 0 Rent expense Depreciation expense-Equipment Salaries expense Insurance expense Teaching supplies expense 0 50,000 0 33,000 0 Advertising expense 6,000 Utilities expense Totals 6,400 $317,400 $317,400 Required 1. Prepare T-accounts (representing the ledger) with balances from the unadjusted trial balance. 2. Prepare the necessary adjusting journal entries for items a through h and post them to the T-accounts. Assume that adjusting entries are made only at year-end. 3. Update balances in the T-accounts for the adjusting entries and prepare an adjusted trial balance. 4. Prepare Wells Technical Institute's income statement and statement of owner's equity for the year and prepare its balance sheet as of December 31. The T. Wells, Capital account balance was $90,000 on 21 and there were no owner investments in the current year