Adjusted Trial Balance DR CR Income Statement DR CR Balance Sheet DR CR DR CR End of Period Worksheet For the Year Ended December 31, 2019 Unadjusted Account Title Trial Balance Adjustments DR CR Cash 136,789 Accounts Receivable 378,956 Allowance for Doubtful Accounts 16,782 Interest Receivable Note Receivable 150,000 Merchandise Inventory 361,866 Prepaid Insurance 60,000 Prepaid Rent 30,000 Supplies 46,777 Equipment 400,000 Accumulated Depreciation - Equipment 75,000 Accounts Payable 51,709 Salaries & Wages Payable Uneamed Revenue 24,000 Interest Payable Utilities Payable Note Payable (final payment due 2023) 350,000 Common Stock 270,600 Retained Earnings 424,500 Dividends 120,000 Sales 4,050,864 Consulting Revenue 35,933 Sales Retums and Allowances 300,000 Sales Discounts 100,000 Cost of Goods Sold 1,950,000 Salaries & Wages Expense 1.200,000 Depreciation Expense - Equipment Bad Debt Expense Insurance Expense Rent Expense Supplies Expense Utilities Expense 65,000 Interest Revenue Interest Expense Net Income Although entries have been recorded all year, adjusting entries have not been recorded since December 31, 2018 when the financial statements were last prepared. Refer to the Worksheet (1) tab for unadjusted account balance information as of December 31, 2019. Use the following information to help in preparing adjusting entries for Rochester Enterprise. a. On September 1, 2019. Rochester Enterprise had signed a 6.6% bank loan (refer to the worksheet) due in 4 years. This is the only outstanding note payable. b. Prepaid insurance represents a 6-month insurance policy purchased on December 1, 2019. c. On September 1, 2019. Rochester Enterprise paid $30,000 for a 5-month lease for office space. d. Unearned revenue represents a 12-month contract for consulting services that will be performed monthly. The payment from the customer was received on December 1, 2019. e. A physical count revealed that supplies on hand at the end of the month total $6,777. f. Equipment is depreciated on a straight-line basis: residual value is estimated to be $25,000 with an estimated service life of 5 years. The assets were held the entire year. On December 1, Rochester Enterprise accepted from Greene Supplies a 7-month note receivable at a 4.7% annual interest rate. h. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The aging schedule of accounts receivable must be completed to determine management's desired balance for 2019. i. Accrued wages totaling $53,000 were unpaid and unrecorded at December 31, 2019. j. Utility costs incurred but unrecorded for the month of December were estimated to be $5,000