Fawcett 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. Fawcett prepares adjusting entries monthly. Additional information available on December $31,2020$ 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 $$650.$

d$.$ The estimated monthly depreciation on the professional library is $$320.$

e$.$ 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 Unearned 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

g$.$ The school's only employee is paid weekly. As of the end of the month, wages of $$1,200$ have accrued

h$.$ The balance in the prepaid rent account represents the rent for December, January, Teaching supplies

$107,200$

Prepaid insurance

$36,000$

Prepaid rent

$11,600$

Professional library

$20,000$

Accumulated depreciation,

professional library

$

$3\mathrm{.}000$

Equipment

$141,400$

Accumulated depreciation,

equipment

$32,000$

Accounts payable

$24,400$

Salaries payable

$-0-$

Uneared extension revenue

$55,200$

Jay Fawcett, capital

$62,000$

Jay Fawcett, withdrawals

$40,000$

Tuition revenue

$285,000$

Extension revenue

$124,000$

Depreciation expense,

equipment

$-0-$

Depreciation expense.

professional library

$-0-$

Salaries expense

$143,600$

Insurance expense

$-0-$

Rent expense

$-0-$

Teaching supplies expense

$-0-$

Advertising expense

$36,000$

Utilities expense

$24,800$

Totals

$ $585,600$

$ $585,600$February, and March. $1.$ Prepare the necessary December $31,2020,$ month$-$end adjusting journal entries based on the information above.

$2.$ Prepare an trial balance