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tab. GTI 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 GTI's insurance policies shows that $2,600 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,400 are available at year-end. c. Annual depreciation on the equipment is $6,200. d. Annual depreciation on the professional ibrary is $11,800. e. On November 1,GTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly foe of $3,400, and the client poid the first five months' fees in advance. When the cash was received, the Unearned revenue account was credited. f. On October 15, GTI agreed to teach a lour-month class (beginning immediately) for an executive with payment due of the end of the class. At December 31, $8,000 of the tuition revenue has been earned by GTi. 9. GTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $200 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. Griffin Technical Institute Income Statement For Year Ended December 31, 2020 \begin{tabular}{|l|l|l|} \hlinef & 5 & 0 \\ \hline & 0 & \\ \hline & & \\ \hline & & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & & \\ \hline \end{tabular} Show less A Adjusted \begin{tabular}{|c|c|c|c|} \hline \multirow{2}{*}{ Adjusting entry related to: } & \multicolumn{2}{|c|}{ Account affecting the: } & \multirow{2}{*}{Impactonnetincome} \\ \hline & Income statement & Balance Sheet & \\ \hline \multicolumn{4}{|l|}{ a. Insurance } \\ \hline \multicolumn{4}{|l|}{ b. Teaching supplies } \\ \hline \multicolumn{4}{|c|}{ c. Depreciation-equipment } \\ \hline \multicolumn{4}{|l|}{ d. Depreciation - library } \\ \hline \multicolumn{4}{|l|}{ e. Training fees } \\ \hline \multicolumn{4}{|l|}{ 1. Tuition } \\ \hline \multicolumn{4}{|l|}{ g Salaries } \\ \hline \multicolumn{4}{|l|}{ h. Rent } \\ \hline \multicolumn{3}{|c|}{ Total impact on income due to adjustments } & st \\ \hline \multicolumn{4}{|l|}{ Net income before adjustments } \\ \hline \multicolumn{4}{|l|}{ Net income affer adjustments } \\ \hline & & & 0 \\ \hline \end{tabular} tab. GTI 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 GTI's insurance policies shows that $2,600 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,400 are available at year-end. c. Annual depreciation on the equipment is $6,200. d. Annual depreciation on the professional ibrary is $11,800. e. On November 1,GTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly foe of $3,400, and the client poid the first five months' fees in advance. When the cash was received, the Unearned revenue account was credited. f. On October 15, GTI agreed to teach a lour-month class (beginning immediately) for an executive with payment due of the end of the class. At December 31, $8,000 of the tuition revenue has been earned by GTi. 9. GTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $200 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. Griffin Technical Institute Income Statement For Year Ended December 31, 2020 \begin{tabular}{|l|l|l|} \hlinef & 5 & 0 \\ \hline & 0 & \\ \hline & & \\ \hline & & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & & \\ \hline \end{tabular} Show less A Adjusted \begin{tabular}{|c|c|c|c|} \hline \multirow{2}{*}{ Adjusting entry related to: } & \multicolumn{2}{|c|}{ Account affecting the: } & \multirow{2}{*}{Impactonnetincome} \\ \hline & Income statement & Balance Sheet & \\ \hline \multicolumn{4}{|l|}{ a. Insurance } \\ \hline \multicolumn{4}{|l|}{ b. Teaching supplies } \\ \hline \multicolumn{4}{|c|}{ c. Depreciation-equipment } \\ \hline \multicolumn{4}{|l|}{ d. Depreciation - library } \\ \hline \multicolumn{4}{|l|}{ e. Training fees } \\ \hline \multicolumn{4}{|l|}{ 1. Tuition } \\ \hline \multicolumn{4}{|l|}{ g Salaries } \\ \hline \multicolumn{4}{|l|}{ h. Rent } \\ \hline \multicolumn{3}{|c|}{ Total impact on income due to adjustments } & st \\ \hline \multicolumn{4}{|l|}{ Net income before adjustments } \\ \hline \multicolumn{4}{|l|}{ Net income affer adjustments } \\ \hline & & & 0 \\ \hline \end{tabular}