2. After the company's trial balance was prepared. some adjustments were identied. Post these adjusting entries in the next set of two columns. The adjustments may require adding new accounts out of order at the bottom of the worksheet. a. A patent had been purchased for $5.500 by issuing a Note Payable on December 23. Neither the patent nor the note had been posted yet. b. A review of the insurance policy indicates that $72000 of the insurance already paid for covers the following scal year. c. Wages of $3.000 had been earned by employees but not paid by December 31. d. Sales Revenue includes 311.500 that had been received from a customer to pay for goods that will not be delivered until January 15. e. A count of the supplies inventory shows that only $1.000 of supplies remains at the end of the year. 3. Show the adjusted account balances in the next pair of columns labeled \"Adjusted Trial Balance.\" 4. Extend the income statement information to the next pair of columns along with the value of the beginning inventory. Label these columns "Income Statement." These columns will hold the information that will be used to prepare the Income Summary journal entries and the income Statement. The Merchandise Inventory at December 31 was $39,500. Refer to the Advanced Company problem to see how to handle the beginning and ending inventory values on your worksheet. The two columns will not balance. The difference will equal the income or loss. 5. This company uses a periodic rather than a perpetual inventory. Therefore. the worksheet impact of updating the inventory will be seen in the Income Statement set of columns. The beginning inventory will be treated as an expense considered in guring income. The ending inventory will be treated as a reduction of expense. The ending inventory will also appear among the assets listed in the Balance Sheet set of columns. This will assure that the income statement columns include all the parts of the Cost of Goods Sold Section that later appears on the Income Statement. 6. Extend the Retained Earnings Statement information (beginning retained earnings. net income, dividends} to the next two columns labeled "Retained Earnings. The difference between the two columns will equal the ending Retained earnings balance. 7'. Extend all remaining permanent account totals to the nal set of columns which will be the post-closing trial balance, or the Balance Sheet information. These columns should balance. Then write out the closing entries in good journal entry form. You don't need to write out the adjusting entries. Worksheet Closing Process - Review Problem Solve this problem using a worksheet with 6 pairs of columns. 1. Accounts of Unnamed Company at December 31 , 2020: Accounts Payable Accounts Receivable Accumulated Depreciation - PPE Allowance for Uncollectible Accounts Receivable Allowance for Uncollectible Notes Receivable Bonds Payable Capital Stock Cash Depreciation Expense Discount on Bonds Payable Dividends Dividends Payable Insurance Expense Interest Revenue Merchandise Inventory (171) Miscellaneous Expense Mortgage Payable Notes Payable Notes Receivable Paid-in Capital in Excess of Par Purchases Property, Plant and Equipment Retained Earnings Sales Returns and Allowances Sales Revenue Supplies Inventory Wages Expense 53,2 00 72,000 231 ,000 2,000 2,2 00 333,000 400,000 51 ,000 66,000 3,000 1 0,000 1 ,000 37,000 4,500 14,700 5,700 230,000 143,000 79,000 200,000 1 07,000 1 ,530,000 70,000 5,000 394,500 7,600 1 27,000 Prepare an Unadjusted Trial Balance with these accounts using their \"natural balances" in the rst pair of columns on your worksheet, one labeled \"debit" and the other labeled \"credit." Accounts should appear in the following order: Assets with contra-assets, from current to long-term, then Liabilities with contra-liabilities. from current to long-term, then permanent (or real) Equity accounts, then temporary (or nominal} accounts {mostly expenses and reven ues). Refer to the Advanced Company example for a review of a company using the periodic inventory method. Note that the Advanced Company example has fewer accounts than this problem and has a net loss