Clarence Group is a company that manufactures sheds and small garages for residential houses. Their trial balance on September 15, 2020 is as follows: Balance - Credit $ $ $ $ $ Balance - Debit 28,700 8,000 43,000 11,000 412,600 Account Cash Accounts Receivable Supplies Prepaid Rent Property Plant and Equipment Accumulated Depreciation Accounts Payable Salaries Payable Long-Term Debt Share Capital Retained Earnings Revenues COGS Salaries Expense Administration & Selling Costs Rent Expense Interest Expense Depreciation $ $ $ $ 71,800 16,900 3,700 170,200 100,000 156,860 214,000 $ $ $ $ $ $ $ $ $ 165,000 23,500 14,000 8,500 1,960 17,200 The following events took place during the month of September 2020: 1 - The company paid all outstanding salaries payable their employees. 2 The company received $44,000 as an advanced payment for two garages to be built and installed on a residential property. Clarence Group started to build the shed and the installation is scheduled for October 15th, 2020. 3 The company used $65,000 worth of supplies during the month of September. The purchasing manager also purchased $28,500 worth of supplies. 4 - The total salaries expense for the employees for the month of September was $8,200. 14 The president of the company also provides you with the following information about Clarence Group: 5- The company's debt carries an interest rate of 2.3% per year. The interest is payable on a quarterly basis on February 28th, May 31st, August 31st, November 30th. 6- The prepaid expense account, on September 1st, 2020, represented a prepaid asset for 3 months of rent. 7 - Due to the timing of the payroll, $1,400 of the wages for the month have not been paid as at September 30th, 2020. Account Debit Credit # 1) 2) 3) 4) 5) 6