10:19 AM Mon Dec 10 100% On July 31, 2019, after one month of operation, the general ledger of Michael Domenici, Consultant, contained the accounts and balances given below INSTRUCTIONS 1. Prepare a partial worksheet with the following sections: Trial Balance Adjustments, and Adjusted Trial Balance. Use the data about the firm's accounts and balances to complete the Trial Balance section. 2. Enter the adjustments described below in the Adjustments section. Identify each adjustment with the appropriate letter 3. Complete the Adjusted Trial Balance section ACCOUNTS AND BALANCES Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Prepaid Interest Furniture Accumulated Depreciation Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Interest Payable Unearned Consulting Fees $25,510 Dr 1,440 Dr 960 Dr 10,500 Dr 2,220 Dr 400 Dr 14,760 Dr 7,250 Dr 17,700 Cr 5,500 Cr 6,000 Cr 10:20 AM Mon Dec 10 ..100% Interest Payable Unearned Consulting Fees Michael Domenici, Capital Michael Domenici, Drawing Consulting Fees Salaries Expense Utilities Expense Telephone Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense-Furniture Depreciation Expense-Equipment Interest Expense 6,000 Cr 32,520 Cr 3,000 Dr 9,000 Cr 4,200 Dr 270 Dr 210 Dr ADJUSTMENTS a. On July 31, an inventory of the supplies showed that items costing $630 were on hand. b. On July 1, the firm paid S10,500 in advance for six months of rent. c. On July 1, the firm purchased a one-year insurance policy for $2,220. d. On July 1, the firm paid S400 interest in advance on a four-month note that it issued to the bank. e. On July 1, the firm purchased office furniture for $14,760. The furniture is expected to have a useful life of eight years and a salvage value of $1,800. f. On July 1, the firm purchased office equipment for $7,250. The Page 413 equipment is expected to have a useful life of five years anda salvage value of $1,850. g. On July 1, the firm issued a three-month, 6 percent note for $9,800. h. On July 1, the firm received a consulting fee of $6,000 in advance for a one- year period. Analyze: By what total amount were the expense accounts of the business adjusted