1 New York Boutique Trial Balance December 31, 2021 Mi DR CR Cash Accounts Receivable Supplies Prepaid Insurance Equipment (placed in service 1/1/2019) Accumulated Depreciation-Equipment Accounts Payable Interest Payable Notes Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings $ 11,000 20,000 6,000 3,250 60,000 $ 48,000 5,000 450 5,400 7,000 12,000 3,150 Service Revenue Salaries and Wages Expense 60,600 10,000 Insurance Expense 500 Interest Expense 450 Depreciation Expense - Equipment 24,000 Supplies Expense 2,400 Rent Expense 4,000 141,600 $ 141,600 $ a) From the trial balance above and the infor journal entries. i. As of a) From the trial balance above and the information given below, prepare adjusting journal entries. i. As of December 31, supplies on hand totaled $7,200 ii. On November 1, New York Boutique borrowed $5,000 at 9% for 45 Days from XML Bank iii. On December 1, David R, one of the customers prepaid $5000 for a service to be performed on January 15th of the following year. The order was cancelled on December 31st. iv. On October 1, NY Boutique paid $3,750 insurance premimum for 15 months period. v. Equipments are depreciated in a streightline method over 5 years. As per the company policy, depreciation is calculated and recorded on December 31st. b) Prepare an adjusted balance sheet c) Prepare closing journal entries