1 Below is the Unadjusted Trial Balance and the Adjusted Trial Balance for Sheldon Inc. for the period ended December 31, 2019. 3 Required: 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 4 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 5 ended December 31 2019 would be affected if that adjustment was not made Unadjusted Trial Balance $115.oool Accounts DR CR | 23.000 14,000 18.oool T 8 Cash 9 Office supplies 10 Prepaid Insurance 11 Office equipment 12 Accum. Depreciation Office equip 13 Accounts payable 14 Interest payable 15 Salaries payable 16 Unearned consulting fees 17 Long-term notes payable 18 Common Stock 19 Dividends 20 Consulting fees earned 21 Depreciation expense-Office equip 22 Salaries expense 23 Interest exponse 24 Insurance expense 25 Rent expense 26 Office supplies expense 27 Advertising expense 28 Totals 24,000 11.100 0 32,000 56,000 52,000 Adjusted Trial Balance $116,000 10.000 6,300 18,000 1,8001 30.000 14,000 22,000 14.000 56,000 52,000 11,000 121,2001 1,800 89,000 4,200 7,700 15,000 13,000 19,000 $311,000 $311,000 11.000 103, 2001 67,000 1,300 15.000 13,000 $278,300 $278,300