Credit $35,000 CONCORD ENTERPRISES Trial Balance December 31, 2017 Debit Cash $15,000 Accounts receivable 19,200 Merchandise inventory 37,050 Prepaid insurance 3,000 Supplies 2,950 Equipment 150,000 Accumulated depreciation-equipment Furniture 45,000 Accumulated depreciation-furniture Accounts payable Unearned revenue Mortgage payable S. Kim, capital S. Kim, drawings 48,000 Sales Sales returns and allowances 2,500 Sales discounts 3,275 Cost of goods sold 153,000 Interest expense 6,875 Salaries expense 35,450 Utilities expense 5,100 $526,400 18,000 33,200 4,000 125,000 46,200 265,000 $526,400 Additional information: 1. There is $800 of supplies on hand on December 31, 2017. 2. The one-year insurance policy was purchased on March 1, 2017. 3. Depreciation expense for the year is $10,800 for the equipment and $4,500 for the furniture. 4. Accrued interest expense at December 31, 2017, is $725. 5. Unearned revenue of $900 is still unearned at December 31, 2017. On the sales that were earned, cost of goods sold was $2,750. 6. A physical count of merchandise inventory indicates $31,750 on hand on December 31, 2017. Prepare the adjusting journal entries assuming they are prepared annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. Dec. 31 Supplies Expense 2150 Supplies 2150 2. Dec. 31 Insurance Expense 2500 Prepaid Insurance 2500 3. Dec. 31 Depreciation Expense 15300 Accumulated Depreciation Equipment 10800 Accumulated Depreciation-Furniture 4500 4. Dec. 31 Interest Expense 725 Depreciation Expense 725 5. Dec. 31 Unearned Revenue 3100 Sales 3100 (To record revenue) 5. Dec. 31 Unearned Revenue 3100 Sales