GL0302 (Algo) - Based on Problem 3-3A LO P1, P2, P3, P4, P5 Lewis Technical Institute (LTI), a school owned by Spencer Lewis, provides training to individuals who pay tuition directly to the school. LTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2022, is found on the trial balance tab. LTI 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 LTI's insurance policies shows that $2,400 of coverage has expired b. An inventory count shows that teaching supplies costing $3,000 are available at year-end c. Annual depreciation on the equipment is $7400. d. Annual depreciation on the professional library is $11,000 e. On November 1, UTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $3,400, and the client paid the first five months' fees in advance When the cash was received the Unearned Training Fees account was credited 1. On October 15, LTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $4,000 of the tuition has been earned by LTU g. LTV'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 Requirement General Journal General Ledger Trial Balance Income Statement St of Retained Balance Sheet Earings Impact on income Lewis Technical Institute Income Statement For Year Ended December 31, 2022 $ 0 Assets 0 Liabilities 0 Equity Revenues 0 Expenses 0 0 0 0 0 0 0 0 0 Net income Lewis Technical Institute Income Statement For Year Ended December 31, 2022 $ 0 0 101. Cash 0 106: Accounts receivable 126: Teaching supplies 0 128. Prepaid insurance 130: Prepaid rent 0 0 0 0 0 0 0 0 0 Net Income Lewis Technical Institute Income Statement For Year Ended December 31, 2022 $ 0 0 0 160: Professional library 161: Accumulated depreciation - Professional library 167: Equipment 168: Accumulated depreciation - Equipment 0 201: Accounts payable 0 0 0 0 0 0 0 0 0 Net income Lewis Technical Institute Income Statement For Year Ended December 31, 2022 $ 0 0 209: Salaries payable 226: Unearned training fees 307: Common stock 318: Retained earnings 0 0 319: Dividends 0 0 0 0 0 0 0 0 Net income Lewis Technical Institute Income Statement For Year Ended December 31, 2022 $ 0 0 403: Tuition fees earned 406: Training fees earned 612: Depreciation expense - Professional library 616: Depreciation expense - Equipment 0 0 622: Salaries expense 0 0 0 0 0 0 0 0 Net income Lewis Technical Institute Income Statement For Year Ended December 31, 2022 $ 0 0 10 637: Insurance expense 640: Rent expense 652: Teaching supplies expense 660: Advertising expense 690: Utilities expense 0 0 0 0 0 0 0 0 0 0 Net income Lewis Technical Institute Income Statement For Year Ended December 31, 2022 $ $ 0 0 0 thi Show All Items 0 Assets Liabilities 0 Equity 0 0 0 Revenues Expenses 0 0 0 0 Net income Lewis Technical Institute Income Statement For Year Ended December 31, 2022 $ 0 0 0 0 0 0 101: Cash 106: Accounts receivable 0 0 0 126: Teaching supplies 0 128. Prepaid insurance 0 0 0 Net income Adjusted Lewis Technical Institute Balance Sheet December 31, 2022 Assets Current assets 0 0 0 0 0 0 101: Cash 106: Accounts receivable 126: Teaching supplies 128: Prepaid insurance 0 0 0 0 0 5 Current assets > $ 0 0 0 0 0 0 Plant assets 0 Oo 0 0 0 Liabilities Current liabilities 0 0 0 0 0 0 0 Liabilities Current liabilities 0 0 0 0 $ 0 Equity 0 0 $ 0 Adjusted Account affecting the: Income statement Balance Sheet Impact on net Income Adjusting entry related to: a. Insurance b. Teaching supplies c Depreciation - equipment d Depreciation - library e. Training fees f. Tuition 9 Salaries h Rent Total Impact on income due to adjustments Net Income before adjustments Net income after adjustments 0 0 Unadjusted Lewis Technical Institute Balance Sheet December 31, 2022 Assets Current assets $ 0 0 0 0 0 0 $ 0 Plant assets 0 0 0 0 0 0 Plant assets $ 0 0 0 0 0 0 0 0 $ 0 Liabilities Current liabilities $ 0 0 0 0 $ 0 0 Equity 0 0 $ 0 sna Impact on net Income Unadjusted Account affecting the: Adjusting entry related to: Income statement Balance Sheet a. Insurance b. Teaching supplies c. Depreciation equipment d. Depreciation - library 0. Training fees Tuition 9 Salaries h Rent Total impact on income due to adjustments Net income before adjustments Net Income after adjustments