Al Beauty House Boutique ("the Company") is a retail clothing store selling women clothing. The Company adjusts its accounts monthly, closes its accounts annually on 31 December. The company uses a perpetual inventory system. Below is its unadjusted trial balance on 31 December 2019. Beauty House Boutique Unadjusted Trial Balance 31 December 2019 Debit $ Credit $ Cash Accounts receivable 50,100 73,000 Inventory 140,000 Fixtures and fittings 162,000 Accumulated depreciation: Fixtures and fittings 54,000 Accounts payable 63,000 Interest payable 2,000 Income tax payable 12,000 Unearned sales revenue 16,500 10% Notes payable (Due on 31 December 2020) 120,000 Share capital 200,000 Retained earnings 114,000 Sales revenue 253,500 Cost of goods sold 169,300 Rent expense 59,500 Salaries expense 101,500 Interest expense 11,000 Depreciation expense 39,600 Utilities expense 21,000 Income tax expense 8,000 835,000 835,000 Information on adjusting items: (1) The Company sells cash coupons to customers, who can use the coupons to purchase the Company's products within six months. On 31 December 2019, $2,000 cash coupons were used by the customers but no entries were recorded. The Gross Profit Rate was 20%. Question A1 (continued) (2) Monthly interest on Notes Payable is due on the first day of next month. No adjustment entries have been made for December. (3) The Company has been sued for $1 million in a contract dispute. It is not possible at this time to make a reasonably estimate of the possible loss. (4) A bill for utilities for December amounted to $800 was received and paid but no entries were recorded. (5) Accrued and unrecorded salaries at 31 December 2019 amount to $12,300. (6) On 31 December 2019, a physical count showed that the inventory on hand costing $138,000 remains in stock. (7) Estimated income taxes expense for the entire year totals $11,000. Taxes are due in the first quarter of 2020. Required: Prepare the necessary journal entries so as to bring the financial records of Beauty House Boutique up-to-date as of 31 December 2019. If any of the items above does not require any necessary entry, state "No entry" and no explanation is required. (15 marks)