1 (100 marks) Joanna Kennedy Institute provides one-on-one training to individuals who pay tuition directly to the business and also offers extension training to groups in off-site locations. The institute prepares adjusting entries monthly. The following is the unadjusted Trial Balance for the year ended December 31, 2021. Unadjusted Trial Balance as at December 31 2021 Dr Cr $ Cash 25,000 Teaching supplies 107,200 Prepaid insurance 36,000 Prepaid rent 11,600 Professional library 20,000 Accumulated depreciation - Professional library 3,000 Equipment 141,800 Accumulated depreciation-Equipment 32,000 Accounts payable 24,800 Salaries payable Uncamned extension revenue 55.200 Joanna Kennedy, capital 62,000 Joanna Kennedy, withdrawals 40,000 Tuition revenue 285,000 Extension revenue 124,000 Salaries expense 143,600 Advertising expense 36,000 Utilities expense 24,800 Totals 586.000 586.000 Additional information available on December 31, 2021 are as follows: a An analysis of the company's policies shows that $31,000 of insurance coverage has expired. b. An inventory shows that teaching supplies costing $13,400 are on hand at the end of the month c. The estimated monthly depreciation on the equipment is 5650. d. The estimated monthly depreciation on the professional library is $320. The school offers off-campus services for specific operators. On December 1, the company agree to do a special four-month course for a client. The contract calls for a $5,400 monthly fee, and the client paid the first two months' revenue in advance. When the cash was received, the Uneamed Extension Revenue account was credited. f. On December 15, the school agreed to teach a four-month class to an individual for $1,600 tuition per month payable at the end of the class. The services have been provided as agreed, and no payment has been received. The school's only employee is paid weekly. As of the end of the month, wages of $1,200 have accred h. The balance in the prepaid rent account represents the rent for December, January, February, and March REQUIRED: 1. Prepare the necessary December 31, 2001, month-end adjusting journal entries based on the information above. 2. Prepare an adjusted Trial Balance for the month ended December 31, 2021