i need answer for question 2

please be as clear as possible

0 $ 2,500 20,000 11,200 Top Education Institute's unadjusted trial balance at 31 December 2020 is as follows: TOP EDUCATION INSTITUTES Unadjusted Trial Balance December 31, 2020 Cash $ 60,000 Accounts Receivable Supplies 70,000 Prepaid Insurance 19,000 Prepaid Rent 3,800 Building 12,000 Accumulated depreciation - Building Equipment 40,000 Accumulated depreciation - Equipment Accounts payable Salaries Payable Unearned Revenue Top Education, Capital Top Education, Withdrawals 20,000 Tuition Revenue Training Revenue Depreciation expense - Building Depreciation expense - Equipment 0 Salaries expense 44,200 Insurance expense Rent expense 29,600 Supplies expense Advertising expense 19,000 Utilities expense 13,400 Total $ 331,000 0 28,600 71,500 129,200 68,000 0 0 $_331,000 Additional Information a. An analysis of the Institute'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. e. On November 1, the Institute agreed to do a special two-month training course (starting immediately) for a client. The contract calls for a $14,300 monthly fee, and the client paid the two months' training fees in advance. When the cash was received, the Unearned Revenue account was credited. f. On October 15, the Institute 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 revenue has been earned by the Institute. 8. The Institute's only employee is paid weekly. As of the end of the year, three days' salaries have accrued at the rate of $150 per day. h. The balance in the Prepaid Rent account represents rent for December. Required 1. Prepare T-accounts (representing the ledger) with balances from the unadjusted trial balance. 2. Prepare the necessary adjusting journal entries for items a through h and post them to the T- accounts. Assume that adjusting entries are made only at year-end. 3. Update balances in the T-accounts for the adjusting entries and prepare an adjusted trial balance. 4. Prepare the company's income statement and statement of owner's equity for the year, and prepare its balance sheet as of December 31. Top Education, Capital account balance was $71,500 on December 31 of the prior year, and there were no owner investments in the current year