CR RIES DR Following is the unadjusted trial balance for Namath Institute as of December 31. The Institute provides one on one training to individuals who pay tuition directly to the business and offers extension training to groups in off-site locations. Shown after the trial balance are items (a) through th) that require adjusting entries as of December 31. Namath Institute Adjusted Trial Balance December 31 Debit Credit Namath Institute Unadjusted Trial Balance December 31 Debit Credit 60,000 70,000 19,000 3,800 12,000 28,600 71.500 111111111111111 Cash Accounts receiveable Teaching supplies Prepaid insurance Prepaid rent Professional library A/D professional library Equipment A/D-equipment Accounts payable Salaries payable Unearned training fees Namath, capital Namath, withdrawals 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 20,000 129,200 68,000 44,200 29.600 19,000 13,400 331,000 331,000 6 ADJUSTING ENTRIES Entry - Date Ref DR DR CR Additional Information: a An analysis of the Company's insurance policies shows that 9,500 of coverage has expired. b An inventory count shows that teaching supplies costing 20,000 are available at year end. c Annual depreciation on the equipment is 5,000. d Annual depreciation on the professional library is 2,400. On November 1, the Company agreed to do a special two-month course (starting immediately) for a customer. The contract calls for a 14,300 monthly fee, and the customer paid the two-month fee in advance. When the cash was received, the Unearned Training Fees account was credited. On October 15, the Company agreed to teach a four-month class (beginning immediately) to an executive with payment due at the end of the class. At December 31, 5,750 of the tuition has been earned by the Company. 8 The Company's only employee is paid weekly. As of the end of the year, three day's salary has accrued at a rate of 150 per day. The balance in the prepaid rent account represents rent for December