1 The unadjusted trial balance of Neel Ltd., a private company following ASPE, at December 31,2023 is as follows: Additional information: 1. On November 1,2023 , Neel received $16,200 rent from its lessee for a 12 -month lease beginning on that date. This was credited to Rent Revenue. 2. Neel estimates that 7% of the Accounts Recelvable balances on December 31, 2023, will be uncollectible. On December 28, 2023, the bookkeeper incorrectly credited Sales Revenue for a receipt of $1,000 on account. This error had not yet been corrected on December 31 . Hint - the allowance for doubtful accounts must equal that 7% of A/R after fixing the $1000 error - use T a/c's to keep yourself organized. 3. After a physical count, inventory on hand at December 31, 2023, was $87,000. 4. Prepaid insurance contains the premlum costs of two policies: Policy A, cost of $1,320, two-year term, taken out on April 1, 2023; Policy B, cost of $1,620, three-year term, taken out on September 1, 2023. Policy B, cost of $1,620, three-year term, taken out on September 1, 2023. 5. The regular rate of depreciation is 10% of cost per year. Acquisitions and retirements during a year are depreciated at half this rate. There were no retirements during the year. On December 31,2022 , the balance of Equipment was $90,000. 6. On April 1, 2023, Neel issued at par value 50$1,000,11% bonds maturing on April 1, 2024. Interest is paid on April 1 and October 1. 7. On August 1, 2023, Neel purchased at par value 18$1,000,12% Legume Inc. bonds, maturing on July 31,2024 , Interest is paid on July 31 and Jantary 31 . 8. On May 30, 2023, Neel rented a warehouse for $1,100 per month and debited Prepaid Rent for an advance payment of $13,200. 9. Neel's FV-NI investments consist of shares with total market value of $9,400 as at December 31,2023. 10. The FV-OCl imvestment is an investment of 500 shares in Yop inc., with current market value of 525 per share as at December 31,2023. Required: Prepare the year-end adjusting and/or correcting entries for December 31,2023 , using the information given, Record the six line adjusting/closing entry in for point #3 for inventory using a Cost of Goods Sold account: Only use Tee accounts where they will help you with your calculations - 12 for example