Amber Nestor has an eye for quality. She recently formed an art gallery where she allows artists to display their artwork for sale. Customers buy the artwork through the gallery, but payments are actually made payable directly to the originating artist Artists, in turn, poy Amber 20% commission that is appropriately reflected as rere of the gallery. AMBER NESTOR ART GALLERY Adjusted Trial Balance As of December 31, 20X4 Following is Amber's trial balance after the first year of operation. This trial balance does not reflect the adjustments that are necessary, described by the additional information Debits Credits AMBER HESTOR ART GALLERY Trial Balance As of December 31, 20X4 Credits $ Debits 18,400 6,790 15,000 Cash Supplies Display equipment Loan payable Capital stock Revenues Rent expense Salaries expense Interest expense Utilities expense Cash Accounts receivable Supplies Display equipment Accumulated depreciation Rent payable 7,500 25,000 48,590 11,000 24,000 500 5,400 81,030 $ $ 81,090 Capital stock Revenues Rent expense Salaries expense 3-year life and no The Display equipment was purchased near the beginning of the year. It has salvage value. Its cost should be depreciated equally over its life. Amber is entitled to receive $17,900 of commissions for art sold. The revenue has not yet been recorded, but it is fully expected that the artists will soon be making payment. Utilities expense Supplies on hand styear end were counted, and amount to $3,400. December's rent of $1,000 has not yet been paid. (1) Prepare the necessary adjusting entries as of December 31, 20X4. (b) Use T-sccounts to determine the adjusted balances of the accounts. (c) Prepare the adjusted trial balance for Amber Nestor