Adjusting Entries The following accounts were taken from the trial balance of Cole Company as of December Sales Interest Revenue Equipment Accumulated Depreciation-Equipment 9,600 Interest Expense Given the information below, make the necessary adjusting entries. (a) The equipment has an estimated useful life of 10 years and a salvage value of $4,000. Depreciation is $23,000 1,500 7,500 2,000 $70,000 Inventory 3,000 Advertising Expense 52,000 Selling Expense calculated using the straight-line method. (b) Of selling expense, $1,500 has been paid in advance. (c) Interest of $800 has accrued on notes receivable. (d) Of advertising expense, $440 was incorrectly debited to Selling Expense