$GL0302(Algo)-$ Based $on$ Problem $3-3ALOP1,P2,P3,P4,P5$

Garcia Technical Institute $(GTI),$ a school owned $by$ Jose Garcia, provides training $to$ individuals who pay tuition directly $to$ the school. GTI also offers training $to$ groups $in$ off$-$site locations. Its unadjusted trial balance $asof$ December $31,2022,is$ found $on$ the trial balance 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.

$An$ analysis $of$ GTI$s$ insurance policies shows that $$2,550of$ coverage has expired.

$An$ inventory count shows that teaching supplies costing $$3,120$ are available $at$ year$-$end.

Annual depreciation $on$ the equipment $is$ $$6,400.$

Annual depreciation $on$ the professional library $is$ $$12,200.$

$On$ November $1,$ GTI agreed $todo$ a special six$-$month course $(starting$ immediately$)$ for a client. The contract calls for a monthly fee $of$ $$3,000,$ and the client paid the first five months$$ fees $in$ advance. When the cash was received, the Unearned Training Fees account was credited.

$On$ October $15,$ GTI agreed $to$ teach a four$-$month class $(beginning$ immediately$)$ for $an$ executive with payment due $at$ the end $of$ the class. $At$ December $31,$ $$3,200of$ the tuition has been earned $by$ GTI.

GTI$s$ two employees are paid weekly. $Asof$ the end $of$ the year, two days$$ salaries have accrued $at$ the rate $of$ $$160$ per day for each employee.

The balance $in$ the Prepaid Rent account represents rent for December.