The answers seem to be coming out right, but I am having a problem on the Balance Sheet.( Accumulated deprecation-prof library and Accumulated deprecation- Equipment) and not sure about the Impact on income page. Still getting the messages, "Answer is not complete." Thank you.

GLO302 - Based on Problem 3-3A LO P1, P2, P3, P4, P6 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, 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. 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 September 1, MTI agreed to do five courses for a client for $2,600 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $13,000 cash in advance for all five courses on September 1, and MTI credited Unearned Training Fees. 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, $9,500 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 General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on income Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted or adjusted balances. ELU VIL yedi. UE LOUISES VILLTUL DEYI UTILI next year. He Lien palu DIU, UV LASI Qurance IUI GIVE LUUISES UIT September 1, and MTI credited Unearned Training Fees. f. On October 15, MTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end class. At December 31, $9,500 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 f- each employee. h. The balance in the Prepaid Rent account represents rent for December es Requirement General Joumal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on income Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted or adjusted balances. Adjusted General Ledger Account Cash Accounts receivable No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 54,900 Dec 31 0 6 Dec 31 9,500 9,500 Teaching supplies Prepaid insurance No. Date Debit Credit Balance No. Date Debit Credit Balance cice: Connect Knowledge Check (due Day 5] A Soved General Ledger Account Cash Accounts receivable No. Date Debit Credit No. Date Debit Credit Balance 54,900 Balance Dec 31 Dec 31 0 6 Dec 31 9,500 9,500 Teaching supplies Prepaid insurance No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 Dec 31 8,550 3,240 5,310 Dec 31 Dec 31 1 9.600 7200 2,400 Prepaid rent Professional library No. Date Debit Credit Balance No. Date Debit Credit Dec 31 Dec 31 Balance 51,000 8 3,800 0 Dec 31 3,800 Equipment No. Accumulated depreciation - Professional library Date Debit Credit Balance Dec 31 20,400 Dec 31 10,200 30.600 No. Date Debit Credit Balance Dec 31 54,000 4 Accumulated depreciation - Equipment Accounts payable . Prey Teaching supplies Prepaid insurance No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 Dec 31 2 8,550 3,240 5,310 Dec 31 Dec 31 1 9,600 7,200 2,400 Prepaid rent Professional library s No. Date Debit Credit Balance No. Date Debit Dec 31 Credit Dec 31 Balance 51,000 3,800 0 8 Dec 31 3,800 Accumulated depreciation - Professional library Equipment No. Date Debit Credit Balance No. Date Debit Credit Balance . Dec 31 Dec 31 Dec 31 4 20,400 30,600 10,200 54,000 Accumulated depreciation - Equipment Accounts payable No. Debit Credit Balance No. Date Date Dec 31 Dec 31 Debit Credit Balance 1 3 Dec 31 10,800 16,200 5,400 32,000 Salaries payable Unearned training fees No. Date Debit Credit Balance No. Date Dec 31 Debit Credit Balance 0 Dec 31 13,000 14 No. Debit Credit Balance Date Dec 31 No. Date Debit Credit Balance 3,800 Dec 31 51,000 8 Dec 31 3,800 0 Accumulated depreciation - Professional library Equipment No. Date Debit Credit Balance No. Date Debit Credit Dec 31 Dec 31 Balance 54,000 4 20,400 30,600 Dec 31 10,200 Accumulated depreciation - Equipment Accounts payable No. Date Debit Credit No. Date Debit Credit Balance Dec 31 Dec 31 Balance 10,800 16,200 Dec 31 32,000 3 5,400 Salaries payable Uneamed training fees No. Debit Credit Balance Date Dec 31 No. Date Debit Credit Balance 0 Dec 31 1 7 Dec 31 880 880 5 Dec 31 13,000 7,800 5,200 L. Martin, Capital L. Martin, Withdrawals No. Date Debit Credit No. Debit Balance 92.000 Credit Balance Dec 31 Date Dec 31 53,300 TERRAAAAAA Prev 3 of 4 Next > search O c 15 a @O TUILVINE TOICUT Hy its tancu No. Date Debit Credit No. Date Debit Credit Dec 31 Balance 127,000 136,500 Dec 31 Balance 45,500 50,700 6 Dec 31 9,500 5 Dec 31 5,200 Depreciation expense - Professional library Depreciation expense - Equipment No. Date Debit Credit Balance No, Date Debit Credit Balance Dec 31 0 Dec 31 0 4 Dec 31 10,200 10,200 3 Dec 31 5,400 5,400 Salaries expense Insurance expense No. Date Debit Credit No. Date Debit Credit Balance Dec 31 Dec 31 Balance 50.800 51,680 7 Dec 31 Dec 31 0 880 1 2,400 2,400 Rent expense Teaching supplies expense No. Debit Credit Balance No. Date Debit Credit Balance Date Dec 31 Dec 31 Dec 31 0 8 41,800 45,600 3,800 2 Dec 31 5,310 5,310 Advertising expense Utilities expense No. Debit Credit Date Dec 31 Balance No. Debit Date Dec 31 Credit Balance 6,000 6,950 Control TILDL Prev 3 of 4 Next > X Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on income You may view either the unadjusted or adjusted trial balance by choosing from the drop-down box below. Your choice will determine the reported values on the financial statement tabs. Adjusted Martin Technical Institute Trial Balance December 31, 2019 Account Title Debit Credit $ Cash Accounts receivable Teaching supplies Prepaid insurance Professional library Accumulated depreciation - Professional library Equipment 54,900 9,500 3,240 7,200 51,000 30.600 54,000 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does 30,000 54,000 16,200 32,000 + 880 . 7,800 92,000 53,300 Accumulated depreciation - Professional library Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Unearned training fees Martin, Capital Martin, Withdrawals Tuition fees earned Training fees earned Depreciation expense - Professional library Depreciation expense - Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Total 136,500 50,700 7 2| 1 10,200 5,400 51,680 2,400 45,600 5,310 6,000 6,950 366,680 $ $ 366,680 General Ledger Income Statement x Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on income Use the drop-downs to select the accounts properly included on the income statement. The unadjusted on balances will appear for each account, based on your selection. Adjusted Martin Technical Institute Income Statement For Year Ended December 31 Revenues Tuition fees earned 136,500 50,700 Training fees earned 0 Total revenues $ 187,200 Expenses Depreciation expense - Professional library Depreciation expense - Equipment 10.200 EEE 5,400 Con Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Use the drop-downs to select the accounts properly included on the balance sheet. The una balances will appear for each account, based on your selection. Include all balance sheet account zero balances. Adjusted Martin Technical Institute Balance Sheet December 31 Assets Current assets Cash Accounts receivable 54,900 9.500 7.200 Prepaid insurance Teaching supplies 3.240 0 0 Total current assets 5 74.840 Total current assets Plant assets Accumulated depreciation - Professional library Accumulated depreciation - Eament Professional library net Total 6 Latit Current is 000 Check my work mode : This shows what is correct or incorrect for the Accumulated depreciation - Equipment Professional library, net (16,200) 14,400 0 Total assets 14.400 89.240 6 Liabilities Current liabilities 880 Salaries payable Accounts payable Unearned training fees 32.000 7.800 0 Total liabilities S 40.680 Equity 92.360 Total equity Total Liabilities & Equity 92.360 133.040 StoMeranie in x Answer is not complete. General Journal General Ledger quirement Trial Balance Income Statement St Owner Equity Balance Sheet Impact of income or each adjustment, indicate the income statement and balance sheet account affected, and the impa ncome. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income djustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) djusted Impact on het income djusting entry related to: a. Insurance (2,400) (5,310) b. Teaching supplies C. Depreciation - equipment d. Depreciation - library Account affecting the: Income statement Balance Sheet Insurance expense Prepaid insurance Teaching supplies expense Teaching supplies Depreciation expense - Accumulated depreciation Equipment Equipment Depreciation expense Accumulated depreciation Professional library Professional library Training fees earned Unearned training fees Tuition fees earned TAccounts receivable Salaries expense Salaries payable (5,400) (10.200) e. Training fees 1. Tuition 5.200 9.500 (880) g. Salaries djustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Impact on net income $ (2,400) (5,310) (5,400) djusted Account affecting the: Adjusting entry related to: Income statement Balance Sheet a. Insurance Insurance expense Prepaid insurance b. Teaching supplies Teaching supplies expense Teaching supplies C. Depreciation - Depreciation expense - Accumulated depreciation - equipment Equipment Equipment Depreciation expense - Accumulated depreciation - d. Depreciation - library Professional library Professional library e. Training fees Training fees earned Unearned training fees f. Tuition Tuition fees earned Accounts receivable g. Salaries Salaries expense Salaries payable h. Rent Rent expense Prepaid rent Total impact on income due to adjustments Net income before adjustments Net income after adjustments Had the adjustments not been prepared, income would have been understated by (10,200) SIC 5,200 9,500 (880) (3,800) (13,290) $ 53,660 100.00%