Martin Technical Institute (MTI), a school owned by Lindsey Martin, provides training to individuals who pay tuition directly to the school. MTI 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. MTI 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 MTI's insurance policies shows that $2,400 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,240 are available at year-end. C. Annual depreciation on the equipment is $5,400. d. Annual depreciation on the professional library is $10,200. e. On November 1, MTI 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, MTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $3,800 of the tuition has been earned by MTI. g. MTI'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 Requirement General Journal St of Retained General Ledger Trial Balance Income Statement Earnings Balance Sheet Impact on income 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.) Show less Requirement General Journal General Ledger Trial Balance Income Statement St of Retained Earnings Balance Sheet Impact on income 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.) Show les Unadjusted 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 0 0 Balance Sheet Impact on income Trial Balance December 31, 2022 Credit $ Debit 54,900 8,550 9,600 3,800 51,000 20,400 tt + + 54,000 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 earned Training fees earned Salaries expense Rent expense Advertising expense Utilities expense Total 10,800 32,000 13,000 10,000 82,000 53,300 ttt 127,000 45,500 50,800 41,800 6,000 6,950 340,700 $ $ 340,700 General Ledger Income Statement >