GL0302 (Algo) - Based on Problem 3-3A LO P1, P2, P3, P4, P5 ON Lewis Technical Institute (LT), a school owned by Spencer Lewis, provides training to individuals who pay tuition directly to the school LTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 21, 2022, is found on the trial balance tab. LTI initially records prepaid expenses and uneared revenues in balance sheet accounts. Descriptions of items a through that require adjusting entries on December 31 follow a. An analysis of LT's Insurance policies shows that $2.400 of coverage has expired, b. An inventory count shows that teaching supplies costing $3.000 are available at year-end c. Annual depreciation on the equipment is $7.400 d. Annual depreciation on the professional library is $11,000 e. On November 1LTI agreed to do a special six-month course starting immediately) for a client. The contract cats for a monthly fee of $3.400, and the client paid the first five months' fees in advance. When the cash was received, the Uneamed Training Fees account wis credited On October 15, LTI agreed to teach a four month class (beginning immediately for an executive with payment cue at the end of the 9. Lil's two employees are paid weekly As of the end of the year, two days' salumes have accrued at the rate of $200 per day for each employee h. The balance in the Prepaid Rent account represents rent for December General One Income st of Rated Impact on View transaction list Journal entry worksheet Unadjusted General Ledger Account Cash Debit No. Date Dec 31 Credit Teaching supplies Debit Credit Balance 47,175 No Date Dec 31 Balance 8,250 Prepaid insurance Debit Credit No. Date Dec 31 Prepaid rent Debit Credit Balance 9,600 No. Date Dec 31 Balance 4,000 Professional library Debit Credit No. No. Date Dec 31 Balance 55,000 Accumulated depreciation - Professional library Date Debit Credit Balance Dec 31 22.000 Equipment Debit No. Credit No. Date Dec 31 Balance 74,000 Accumulated depreciation - Equipment Date Debit Credit Balance Dec 31 14.800 Accounts payable Debit Credit Unearned training fees Debit Credit No No. Date Dec 31 Balance 32,000 Date Dec 31 Balance 17.000 Common stock Retained earnings Debit Credit No No Debit Credit Balance 92.000 Date Dec 31 Balance 8.000 Date Dec 31 Dividends Tuition fees earned Debit Credit No Balance 129.000 Credit Debit Date Dec 31 No. Balance 51.500 Date Dec 31 Salaries expense Debit Credit Training fees earned Debit Credit No Balance 51.000 Date Dec 31 No. Balance 42.500 Date Dec 31 Prey NE 1 of 1 Unadjusted Lewis Technical Institute Trial Balance December 31, 2022 Credit BO $ Debit 47,175 8.250 9,600 4.000 55.000 ASK 22.000 Print 74,000 References Account Title Cash Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation - Professional library Equipment Accumulated depreciation - Equipment Accounts payable Unearned training fees Common stock Retained earnings Dividends Tuition fees eamed Training fees eamed Sales expense Rent expense Advertising expense Utilities expense Total 14,800 32.000 17.000 8.000 92.000 52 500 129.000 50.000 44.000 8.125 0.650 357 3005 General Ledger Incest> . TRILE IU FIRULL LLLULITES RIR URLATILAN Requtrement General Journal General Ledger Trial Balance Income Statement St of Retained Earrings Balance Sheet Impact on Income Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection Unadjusted Lewis Technical Institute Income Statement For Year Ended December 31, 2022 mes (Trial Balance St of Retained Earnings > e. On November 1, LTI agreed to do a special six-month course (starting immediately) for a client. The contrac of $3,400, and the client paid the first five months' fees in advance. When the cash was received, the Unea account was credited. t. On October 15, LTI agreed to teach a four-month class (beginning immediately) for an executive with paym class. At December 31, $4,000 of the tuition has been earned by LTI. 9. LTi's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate employee. h. The balance in the Prepaid Rent account represents rent for December Requirement General Journal General Ledger Trial Balance Income Statement St of Retained Earnings Balance Sheet Impact on Income The unadjusted or adjusted balances will appear for each account, based on your selection. Unadjusted Lewis Technical Institute Statement of Retained Earnings For Year Ended December 31, 2022 Retained earnings, December 31, 2022 $ Add: Net income Less: Dividends $ Retained earnings. December 31, 2022 92.000 (51,500) 40.500 Balance Sheet> Income Statement Lewis Technical Institute Balance Sheet December 31, 2022 Assets Current assets Plant assets Liabilities Current liabilities Equity 15 points Requirement General Xornal General Ledger Tralalance Income statement st of Retained Earnings Balance Sheet impact on Income took For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease enter the amount as a negative value. Net Income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop down.) ASK how SA Impact on Bet income References Unadjusted Account afecting the Adjusting entry related to: Income statement Balance Sheet a Insurance b. Teaching supplies c. Depreciation equipment d. Depreciation - brary e Training fees Tuition Salanes Rent Total impact on income due to adjustments Net come before adjustments Net income after adjustments