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PacRim Careers provides training to individuals who pay tuition directly to the business. The business also offers extension training to groups in off-site locations. Additional information available at the December 31, 2020, year-end follows: a. An analysis of the company's policies shows that $1.190 of insurance coverage has expired. b. An inventory shows that teaching supplies costing $390 are on hand at the end of the year. c. The estimated annual depreciation on the equipment is $7.250 d. The estimated annual depreciation on the professional library is $4,230. e. The school offers off-campus services for specific employers. On November 1, the company agreed to do a special six-month course for a client. The contract calls for a monthly fee of $790, and the client paid the first five months' revenue in advance. When the cash was received, the Unearned Extension Revenue account was credited. f. On October 15, the school agreed to teach a four-month class for an individual for $1.140 tuition per month payable at the end of the class. The services to date have been provided as agreed, but no payment has been received. g. The school's two employees are paid weekly. As of the end of the year, three days' wages have accrued at the rate of $110 per day for each employee. h. The balance in the Prepaid Rent account represents the rent for three months: December, January, and February Adjustments Dr. Cr. Adjusted Trial Balance Dr. Cr. Account Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation, professional library Equipment Accumulated depreciation, equipment Accounts payable Salaries payable Unearned extension revenue Karoo Ashevak, capital Karoo Ashevak, withdrawals Tuition revenue Extension revenue Depreciation expense, equipment Depreciation expense, professional library Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals PACKIM CAREERS Trial Balances December 31, 2020 Unadjusted Trial Balance Dr. Cr. $ 17,400 0 5,900 1. 340 6. 300 56, 400 $ 16,920 87.000 29.000 2,200 0 5,700 223,000 89,000 182, 020 66,500 0 0 200,000 0 38.000 0 13, 400 10.600 $525, 340 $525, 340 1. Prepare the necessary annual adjusting journal entries at December 31, 2020, based on (a) to (h) above. View transaction list Journal entry worksheet Record the cost of insurance expired during the year. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2020 Record entry Clear entry View general journal 3. If the adjustments were not recorded, calculate the over- or understatement of income 4. Is it ethical to ignore adjusting entries? Yes O No