Lewis Technical Institute (LTI), a school owned by Sharon 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 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. o. An analysis of LTI's insurance policies shows that $2,550 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,640 are available at year-end. c. Annual depreciation on the equipment is $4,200. d. Annual depreciation on the professional library is $7,800. 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 $2,600, 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,$3,000 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 $220 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. 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.) Unadjusted Unadjusted Unadjusted Lewis Technical Institute Trial Balance December 31,2023 Unadjusted Prepaid insurance \begin{tabular}{|c|c|c|c|c|} \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 12,750 \\ \hline \end{tabular} Professional library \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Professional library } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 39,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 42,000 \\ \hline \end{tabular} Accounts payable \begin{tabular}{|c|c|c|c|c|} \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 29,600 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Common stock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 10,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Dividends } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 52,400 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Training fees earned } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 42,500 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Rent expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 48,400 \\ \hline \end{tabular} Teaching supplies \begin{tabular}{|c|c|c|c|c|} \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 9,050 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Prepaid rent } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 4,400 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accumulated depreciation - Professional library } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 15,600 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accumulated depreciation - Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 8,400 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Unearned training fees } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 13,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Retained earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 82,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Utilities expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 6,850 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Advertising expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 6,250 \\ \hline \end{tabular}