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[The following information applies to the questionsdisplayed below.]Wells Technical Institute (WTI) provides training to individualswho pay tuition directly to the school. WTI also offers training togroups in off-site locations. WTI initially records prepaidexpenses and unearned revenues in balance sheet accounts. Itsunadjusted trial balance as of December 31 follows, along withdescriptions ofitems a through h thatrequire adjusting entries on December 31.Additional Information Items
3-a. Prepare Wells Technical Institute'sincome statement for the year.3-b. Prepare Wells Technical Institute'sstatement of retained earnings for the year. The Retained Earningsaccount balance was $81,000 on December 31 ofthe prior year.3-c. Prepare Wells Technical Institute'sbalance sheet as of December 31.
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Prepare Wells Technical Institute's income statement for theyear.
Prepare Wells Technical Institute's statement of retainedearnings for the year. The Retained Earnings account balancewas $81,000 on December 31 ofthe prior year.