Please also put the explanations. 
Problem 3-6B Adjusting entries (monthly); adjusted trial balance 104, 06 excel CHECK FIGURE: 2. Adjusted Trial Balance, debits = $588,570 Fawcett Institute provides one-on-one training to individuals who pay tuition directly to the business and also offers extension training to groups in off-site locations. Fawcett prepares adjusting entries monthly. Additional information available on December 31, 2020: a. An analysis of the company's policies shows that $31,000 of insurance coverage has expired. b. An inventory shows that teaching supplies costing $13,400 are on hand at the end of the month. c. The estimated monthly depreciation on the equipment is $650. Page 221 d. The estimated monthly depreciation on the professional library is $320. e. The school offers off-campus services for specific operators. On December 1, the company agreed to do a special four- month course for a client. The contract calls for a $5,400 monthly fee, and the client paid the first two months' revenue in advance. When the cash was received, the Unearned Extension Revenue account was credited. f. On December 15, the school agreed to teach a four-month class to an individual for $1,600 tuition per month payable at the end of the class. The services have been provided as agreed, and no payment has been received. g. The school's only employee is paid weekly. As of the end of the month, wages of $1,200 have accrued. h. The balance in the Prepaid Rent account represents the rent for December, January, February, and March. P18 B D E F G Adjustments Dr. Cr. alustimento Adjusted Trial Balance Dr. Cr. Fawcett Institute Trial Balance December 31, 2020 Unadjusted Trial Balance Dr. Cr. $ 25,000 -0 107,200 36,000 11,600 20,000 $ 3,000 141,400 1 2 3 4 5 6 Account 7 Cash 8 Accounts receivable 4 Teaching supplies 10 Prepaid insurance 11 Prepaid rent 12 Professional library 13 Accumulated depreciation, professional library 14 Equipment 15 Accumulated depreciation, equipment 16 Accounts payable 17 Salaries payable 18 Unearned extension revenue 19 Jay Fawcett, capital 20 Jay Fawcett, withdrawals 21 Tuition revenue 22 Extension revenue 23 Depreciation expense, equipment 24 Depreciation expense, professional library 25 Salaries expense 26 Insurance expense 27 Rent expense 28 Teaching supplies expense 29 Advertising expense 30 Utilities expense 31 Totals 32,000 24,400 -0 55,200 62,000 40,000 285,000 124.000 -0 -0- 143,600 -0 -0- -0- 36,000 24,800 $ 585,600 $ 585,600 Required 1. Prepare the necessary December 31, 2020, month-end adjusting journal entries based on (a) through (h) above. Analysis Component
