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 annually. (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 annual depreciation on the equipment is $7,800. (d) The estimated annual depreciation on the professional library is $3,840. (e) The school offers off-campus services for specific operators. On December 1, the company agreed to do a special 4 month course for a client. The contract calls for a $5,400 monthly fee, and the client paid