13. Prepaid Rent Problem #1 (25 points) Selected amounts from Trent Company's unadjusted trial balance of 12/31/17 appear below: 1. Accounts Payable 2. Accounts Receivable 3. Accumulated depreciation -Equipment 4. Allowance for Doubtful Accounts 5. Bonds Payable 6. Cash 7. Common Stock 8. Equipment 9. Insurance Expense 10. Interest Expense 11. Merchandise Inventory 12. Notes Payable $ 160,000 150,000 200,000 20,000 500,000 150,000 60,000 720,000 30,000 10,000 300,000 200,000 120,000 14. Retained Earnings 130,000 15. Salaries and Wages Expense 328,000 (All of the above accounts have their standard normal debit or normal credit balance.) 31 2017 based on DO THE ADJUSTING ENTRIES ONLY FOR PARTS 1,2 AND3 BELOW!!!!!! Part B: This is a totally different company Record the proper adjusting journal entries that should be made on December 31, 2017, which is the END of the fiscal year for this company. Show all computations clearly!! 1. Supplies inventory on January 1, 2017 was $0.00. Supplies costing $15,000 were purchased during the year and recorded in supplies on hand. A count on December 31, 2017 indicates that $3,000 of supplies are still remaining. 12-31-17 DR: Computation: CR: 2. On December 1, 2017, the company issued a 12 month note payable for $20,000. The rate of interest on the note is 9%. (The company borrowed the money on 12-1-2017) 12-31-17 DR: CR: Computation: 3. On July 1, 2017, $7,800 of rent was collected in advance for one year from a tenant and was recorded as rent revenue by the landlord. Make the proper adjusting entry for the landlord. 12-31-17 DR: Computation: CR: 4. If the adjusting entry for supplies in (1) above is not made, explain clearly how the Income Statement, Retained Earnings Statement and Balance Sheet would be incorrect! Be clear! over