27-32. Information necessary to prepare the 2018 year-end adjusting entries appears below a. Depreciation on the equipment for the year is $13,600. b. Employees' salaries are paid every two weeks. The last pay period December 24 through December 31, 2018, are $4,200. c. On July 1, 2018, David's borrows $40,000, ended on December 23. Salaries earned from 12% interest, from a local bank and signs a note. The note plus interes, will be due on July 1, 2022. What is the adjusting entry for December 31, 2018? d. On April 1, 2018, the company purchases insurance for $15,000 for a one-ye to Prepaid Insurance at the time of the purchase. year policy. The entire $15,000 was debited e. Supplies bought during the period was $20,400. $3,000 of supplies remains on hand at December 31, 2018. f. On December 30, Mike's receives a utility bill of $1,900 for the month. The bill will not be paidutil early lJanuary 2019 Required: Prepare the necessary adjusting entries on December 31, 2018 Date Account Credit Debit f-end financial statements are provided below income Statement $87,500 e revenue Statement Of Stockholders Equity penses $47,100 alaries Common Retained Stock Earnings Total January 1 Rent Delivery Net income $70 $34,300 $104,500 12,000 17,900 17,900 stock 12,000 5,200 69,600 Net income Dividends December 31 $82,000 $47,400 $129,400 17,900 (5,000) (5,000) Balance Sheet Assets: Liabilities: Cash $9,800 $7 8, 123, Accounts Accounts receivable Stockholders' Equity: Common stock $82 Land 47 129,400 Retained earnings Total liabilities and equi $139,200 139,200 Total assets 1. Record year-end closing entries. Date Account Credit Debit 2. Create a T-account for Retained Earnings and calculate the ending balance in Retained Earnings