assume that the company uses the periodicinventory system Adjust trial balance Ahmad Company Dec 31/2018 Accounts Debit Credit Cash $110,000 Account Receivable 180,000 Raw materials (beg) 140,000 Work-in-process (beg) 165,000 Finished goods in (beg) 210,000 Equipment, machines 1,230,000 Land 350,000 Capital 2,140,000 Retained Earning 430,000 Account payable 220,000 Long term liabilities 80,000 Sales revenue 1,620,000 Sales allowance 200,000 Purchases 450,000 Purchases returns allowance discount 50,000 Freight in 50,000 Supplies expenses 40,000 Utility expenses 25,000 Repair expense (75%factory 52,500) 70,000 Insurance, depreciation, salaries, rent 740,000 (55%factory 407,000) Freightout, commission, advertising 80,000 Labor expense 500,000 Total $4,540,800 $ 4,540,000 'If inventory after evaluation at Dec 31/20218: Raw materials 80,000 Work in process 200,000 Finished goods 320,000 prepare manufacturing and income summaryand closing entries