Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3 The following information applies to the questions displayed below] Wells Technical Institute (WT), 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 follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. De through h that require adjusting entries on December 31, 2017, follow. r 31, 2017 lons of items a Additional Information Items e. An analysis of WTI's insurance policies shows that $3.996 of coverage has expired b. An inventory count shows that teaching supplies costing $3.464 are available at year-end 2017 c. Annual depreciation on the equipment is $15,986 d. Annual depreciation on the professional library is $7,993, e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a thly fee of $2,800, and the client pai Unearned Training Fees id the first five months' fees in advance. When the cash was received, the account was credited. The fee for the sixth month will be recorded when it is collected in 2018 f. On October 15, WTI agreed to teach a four-month class inning immediately) f for an tuition per month payable at the end of the class. The class started on October 15, but no payment has yet accruals are applied to the nearest half-month; for example, October recognizes o 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. ne-half month accrual.) h. The balance in the Prepaid Rent account represents rent for December. WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31. 2017 WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31, 2017 Debit Credit 28,000 10,768 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned training fees Common stock Retained earnings Dividends Tuition fees earned Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 16,155 2,155 32,307 9,693 75,368 17,232 36,613 14,000 10,000 58,493 43,078 109,846 40,923 51,694 0 23,705 0 7,539 6,031 $296,800 $296,808 Problem 3-3A Part 3 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 Part 3 of 3 5 points Complete this question by entering your answers in the tabs below. Skipped Req 3A Req 38 Req 3c eBook Print References Prepare Wells Technical Institute's income statement for the year 2017 WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31, 2017 Mc Required information prepare weils rechnical institute s income statement ror the year 201/ WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31, 2017 Pert 3 of 3 points Skpped eBook Print References Prev Tuna hara Complete this question by entering your answers in the tabs below. Req 3A Req 3B Req 3C 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 0 Retained earnings, December 31, 2017 S 0 Required information Req 3A Req 3B Req 3C of 3 Prepare Wells Technical Institute's balance sheet as of December 31, 2017. WELLS TECHNICAL INSTITUTE Balance Sheet December 31, 2017 ped ook int ences 0 0 0 K Prev 6 of 6 Next 6 0 Required information Part 3 of 3 5 points Skipped eBook Print References Total equity Req 3B Req 3C