1. Analyze the differences between the unadjusted and adjusted trial balances and prepare the adjusting entries that led to the adjusted Trial Balance in the space provided to the right. 2. Why is it important for Sheldon Inc. to prepare adjusting entries. Use one of of the adjustments you just prepared and explain how the Income Statement for the period ended December 31 2019 would be affected if that adjustment was not made Accounts DR CR Unadjusted Trial Balance $116,000 23.000 14.000 18.000 o 24,000 11,100 I Cash Office supplies Prepaid insurance 1 Office equipment e Accum. Depreciation Office equip Accounts payable Interest payable Salaries payable - Unearned consulting fees - Long-lerrn noles payable B Common Stock Dividends Consulting fees earned Depreciation expense-Office equip 2 Salaries expense Interest expense Insurance expense 5 Rent expense Office supplies expense F Advertising expense Totals 32,000 56,000 52,000 Adjusted Trial Balance S116.000 10,000 6,300 18,000 1,800 30.000 14.000 22.000 14,000 56.000 52.000 11,000 121,200 1,800 89,000 4.200 7,700 15,000 13,000 19,000 $311,000 $311,000 11.000 103,200 67.000 1,300 15,000 13,000 $278,300 $278,300