1. The following trial balance was taken from the books of P&I Inc. on December 31, 2022. Account Credit Cash Accounts Receivable Inventory Debit $ 100,000 200,000 200,000 Supplies Equipment Accumulated Depreciation--Equip. Accounts Payable Notes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Salaries and Wages Expense Rent Expense Totals The following supplemental information is also available. 15,500 500,000 100,000 800,500 200,000 200,000 110,000 225,000 400,000 100,000 120,000 $1,635,500 $1,635,500 a. A count of supplies on December 31, 2022, indicated supplies with a cost of $7,000 were on hand as of that date. b. Annual depreciation on equipment is 50,000 and has not yet been recorded. c. The $200,000 Note Payable represents a 10-year loan P&I Inc. received from First Street Bank on August 1, 2022 at a 6% interest rate. Interest payments are due annually beginning on July 31, 2023. d. Salaries and wages earned but not yet paid at December 31 were $3,000. Required: Prepare all necessary adjusting entries for P&I Inc., then prepare P&I Inc. ] closing entries for 2022.