A partial trial balance of Sheridan Corporation is as follows on December 31, 2021. Dr. Cr. $2,500 Supplies Salaries and wages payable $1,300 Interest Receivable art 5,500 85,800 Prepaid Insurance Unearned Rent Interest Payable 13,700 Additional adjusting data: 1. 2. 3 4. 5 A physical count of supplies on hand on December 31, 2021, totaled $1,200. Through oversight, the Salaries and Wages Payable account was not changed during 2021. Accrued salaries and wages on December 31, 2021, amounted to $4,100 The Interest Receivable account was also left unclyanged during 2021. Accrued interest on investments amounts to $4,200 on December 31, 2021. The unexpired portions of the insurance policies totaled $71,300 as of December 31, 2021. $30,700 was received on January 1, 2021, for the rent of a building for both 2021 and 2022. The entire amount was credited to rent revenue. Depreciation on equipment for the year was erroneously recorded as $5,200 rather than the correct figure of $52,000. A further review of depreciation calculations of prior years revealed that equipment depreciation of $7,100 was not recorded. It was decided that this oversight should be corrected by a prior period adjustment. 6. 7 Assuming that the books have not been closed, what are the adjusting entries necessary at December 31, 2021? (Ignore income tax considerations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit Assuming that the books have been closed, what are the adjusting entries necessary at December 31, 2021? (Ignore income tax considerations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter o for the amounts.) No. Account Titles and Explanation Debit Credit Pass the necessary adjusting entries for the following taking into account income tax effects (40% tax rate) and assuming that the books have been closed. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) 1. Depreciation on equipment for the year was erroneously recorded as $5,200 rather than the correct figure of $52,000. 2. A further review of depreciation calculations of prior years revealed that equipment depreciation of $7,100 was not recorded. It was decided that this oversight should be corrected by a prior period adjustment. No. Account Titles and Explanation Debit Credit