CALCULATOR Testbank Problem 140 The following trial balance was taken from the books of Wildhorse Corporation on December 31, 2020. Credit Debit $8,400 38,900 9,500 $1,670 36,200 4,560 124,300 Account Cash Accounts Receivable Notes Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation--Equip. Accounts Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Salaries and Wages Expense Rent Expense Totals 14,300 10,600 51,100 50,590 280,000 121,800 51,000 13,600 $408,260 $408,260 At year end, the following items have not yet been recorded. a. b. C. Insurance expired during the year, $2,220. Estimated bad debts, 1% of gross sales. Depreciation on equipment, 10% per year on original cost. Interest at 4% is receivable on the note for one full year. Rent paid in advance at December 31, $5,300 (originally charged to expense). Accrued salaries and wages at December 31, $5,950. d. e. f. CALCULATOR Prepare the necessary adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit a. b. C. d. e. f. CALCULATOR Prepare the necessary closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To close revenue accounts) (To close expense accounts) (To close net income / (loss)) Click if you would like to Show Work for this question: Open Show Work