3. Post the adjusting journal entries to the appropriate "T" Account. Include a copy of the following "T" Accounts in your homework submission (T Accounts should reflect the full year of activity - all 12 months and the adjusting entries). a. Sales account b. COGS account C. Cash account d. Accounts Receivable account e. Inventory account f. Accounts payable account 1 Year-End Adjusting Entries Adj. 1 Accrue $10,000 for commissions owed to sole staff as of year-end. Due January 10, 2020. Adj. 2 Adjust (increase) Allowance for Doubtful Accounts by $3,000. Stamp pizza dispute. Note: We are not ready to write-off the receivable. Adj.3 Record $11,000 rent revenue and related miscellaneous receivable from lessee (rent space in our warehouse). Adj. 4 Tax accountant has determined the 2020 tax expense. It is $54,300. Note: We will not actually pay the tox until March 15th. Adj. 5 Record depreciation expense for the year. Note: The equipment and building depreciation expense is allocated based on usage as follows: Selling - Depreciation Expense is $14,000 Administrative - Depreciation Expense is $13,000 The corresponding adjustment to accumulated depreciation is as follows: Accum. Depr.- Equip. is $19,000 Accum. Depr.- Building is $8,000 CORRECT ENTRY PROVIDED BELOW: Adj. 5 Dec 31, 2020 $ $ 14,000 13,000 Selling Expense - Depr. Exp Administrative Exp. - Depr. Exp. Accum. Depr. - Equip. Accum. Depr.- Building $ $ 19,000 8,000 Adj. 6 On December 31, Dividends of $10,000 were declared. Payable to shareholders of record as of October 31, 2020. The dividends are to be paid in January of 2021. Note: Debit the Dividends account (versus the RE account). Adj. 7 SBA Loan (principal payment) expense for 2020 is $17,000. The payment is due on January 15, 2021. SBA Loan (interest payment) expense for 2020 is $5,000. The payment is due on January 15, 2021. CORRECT ENTRY PROVIDED BELOW: Adj. 7 Dec 31, 2020 17,000 $ 17,000 SBA Loan (Long-Term) $ SBA Loan (Current) - Payable Interest Expense $ Interest Payable 5,000 $ 5,000 Adj. 8 Paid $10,000 interest payable from beginning of year