Lee Technical Institute (LTI), a school owned by Edward Lee, 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 31, 2022, is found on the trial balance tab. LTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31 follow. a. An analysis of LTI's insurance policies shows that $2,500 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,880 are available at year-end. c. Annual depreciation on the equipment is $8,400. d. Annual depreciation on the professional library is $9,800. e. On November 1, LTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,800, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. f. On October 15, LTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $3,400 of the tuition has been earned by LTI. g. LTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $140 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. Lee Technical Institute Income Statement For Year Ended December 31, 2022 Lee Technical Institute Balance Sheet December 31, 2022 Assets Current assets Plant assets Liabilities Current liabilities Current liabilities Equity Account affecting the: Income statement Balance Sheet Impact on net income 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