Gonzalez Technical Institute (GTI), a school owned by Maria Gonzalez, provides training to individuals who pay tuition directly to the school. GTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, is found on the trial balance tab. GTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31. a. An analysis of GTI's insurance policies shows that $2,600 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,960 are available at year-end. c. Annual depreciation on the equipment is $7,200. d. Annual depreciation on the professional library is $10,600. e. On September 1, GTI agreed to do five courses for a client for $3,200 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $16,000 cash in advance for all five courses on September 1, and GTI credited Unearned Training Fees. f. On October 15, GTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $9,500 of the tuition has been earned by GTI. g. GTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $180 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. Adjusted Gonzalez Technical Institute Income Statement For Year Ended December 31 Net income $ 0 0 0 0 0 0 0 0 0 0 0 0 0 Gonzalez Technical Institute Balance Sheet December 31 Assets Current assets $ 0 0 0 0 0 0 $ 0 Plant assets $ 0 0 0 0 0 Liabilities Current liabilities $ 000 $ 0 0 0 0 $ 0 Equity 46,800 Total equity Total Liabilities & Equity 46,800 $ 46,800 Adjusted Adjusting entry related to: a. Insurance b. Teaching supplies c. Depreciation - equipment d. Depreciation - library e. Training fees f. Tuition g. Salaries h. Rent Total impact on income due to adjustments Net income before adjustments Net income after adjustments Account affecting the: Income statement Balance Sheet Impact on net income $ 0 0