Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2020, is found on the trial. balance tab. WTI 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 WTI's insurance policies shows that $2,400 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,800 are available at year-end. c. Annual depreciation on the equipment is $13,200. d. Annual depreciation on the professional library is $7,200. e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,500, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Revenue account was credited. f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $7,500 of the tuition revenue has been earned by WTI. g. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 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 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.) Adjusted Adjusting entry related to: a. Insurance b. Teaching supplies c. Depreciation-equipment d. Depreciation-library e. Training fees f. Tuition 9. Salaries h. Rent Account affecting the: Income statement Balance Sheet Impact on net Income Prepaid insurance Teaching supplies Insurance expense Teaching supplies expense Depreciation expense- Equipment Depreciation expense- Professional library Training revenue Tuition revenue Salaries expense Rent expense Total impact on income due to adjustments Net income before adjustments Net income after adjustments Accumulated depreciation Equipment. Accumulated depreciation - Professional library Unearned revenue Accounts receivable Salaries payable Prepaid rent $ 0 < Balance Sheet Impact on Income Show less A