Consider this additional information: While preparing Sharp Outfitters' July 31 bank reconciliation, for advertising expense was incorrectly recorded as $1,400. Additional adjusting entries are needed on both the journal and worksheet for these two reconciling items. Label these entries 7 and 8.

80 Chapter 3 Accrual Basis of Acoounting various typeso LO8 P3-20B. Worksheet The July 31 unadjusted trial balance of Sharp Outfitters, a firm renting Appendix 3B) equipment to canoeists and campers, follows SHARP OUTFITTERS Unadjusted Trial Balance July 31 Debit Credit ..$3,750 8,600 3,200 97,000 Cash Prepaid insurance.... Equipment . $16,500 3,500 8,850 33,000 9,000 1.200 00 Unearned rental fees . Retained earnings . 28.800 78150 Wages expense Rent expense.. . . . . 28,800 3,300 2,300 850 $149,000 $149,000 Sharp Outfitters' fiscal year ends on July 31. The following additional information is available: 1. Supplies on hand at July 31 amount to $4,300. 2. Insurance expense for the year is $1,600. 3. Depreciation for the year is $9,250. 4. The unearned rental fees consist of deposits received from customers in advance when reservations are made. During the year, $4,850 of the unearned rental fees were earned. The remaining deposits apply to rentals for August and September 5. At July 31, revenue from rental services earmed during July but not yet billed or received amounts to $2,500. (Note: Debit Fees Receivable.) 6. Accrued wages payable for equipment handlers and guides amounts to $700 at July 31. Required Enter the trial balance in a worksheet and complete the worksheet using the adjustment data given above