GL0302 (Algo)- Based on Problem 3-3A LO P1, P2, P3, P4, P5 Griffin Technical Institute (GTI), a school owned by Rita Griffin, 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 as of 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. a. An analysis of GTI's insurance policies shows that $2,600 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,400 are available at year-end. c. Annual depreciation on the equipment is $6,200. d. Annual depreciation on the professional library is $11,800. e. On November 1, GTI 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. f. 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, $3,200 of the tuition has been earned by GTI. g. GTI'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 Earnings Balance Sheet Impact on income Griffin Technical Institute Income Statement For Year Ended December 31, 2022 $ 0 0 0 Net income Trial Balance 0 0 0 0 0 0 0 0 0 0 Stel Betained Fagninge ces W Adjusted Assets Current assets Cash Accounts receivable Prepaid insurance Total current assets Plant assets Total assets Griffin Technical Institute Balance Sheet December 31, 2022 $ 61,100 3,200 10,400 0 0 0 $ 74,700 $ 0 0 0 0 0 0 0 $ 74,700 D Total assets Current liabilities Accounts payable Salaries payable Liabilities Unearned training fees Total liabilities 59 $ 0 0 0 0 0 $ 74,700 29,600 800 10,200 0 $ 40,600 Equity Common stock 8,000 Retained earnings 41,400 Total equity Total Liabilities & Equity 49,400 $ 90,000 Adjusted Account affecting the: Adjusting entry related to: Income statement Balance Sheet a. Insurance b. Teaching supplies c. Depreciation-equipment d. Depreciation- library e. Training fees f. Tuition g. Salaries h. Rent Total impact on income due to adjustments Net income before adjustments Net income after adjustments Impact on net income $ 0 0