Credit Principles of Financial Accounting Assignment 1: Adjusting the accounts 10 Marks Below is the trial balance for Generic Corporation at December 31, 2020 Generic Corporation Trial Balance December 31, 2020 Account Debit Cash $ 3.100 Accounts Receivable 15,900 Office Supplies Inventory 4,200 Prepaid Rent 9,500 Equipment 625,000 Accumulated Depreciation Equipment Other Assets 60.900 Accounts Payable Uneamed Revenge Note Payable Common Stock Retained Eamings Service Revenue Wages Expense 137.000 Rent Expense 229,000 Interest Expense 4.500 Total $1,089.100 $ 104,000 9,400 11.200 50,000 279,500 37.000 598,000 $1,089,100 At year-end, you have the following data for adjustments 1. An analysis indicates that propaid rent on December 31 should be 57.900 2. A physical inventory shows that $1,100 of office supplies is on hand at December 31. 2020 3. Equipment was purchased at a cost of 625,000, has a salvage value of $225,000 at the end of its Syear useful life. 4. An analysis indicates that unearned revenue should be $8,400 5. Wages in the amount of S2,800 are owed but unpaid and unrecorded at year-end. 6. On October 1, the company borrowed a six months note at 9 percent (annual interest). Interest for the period from October 1 to December 31 is unpaid and unrecorded 7. The company provided services for $22.000 through December 2020, that was neither recorded nor collected Required: 1. Prepare the adjusting entries for the year 2020. (5.5 marks) 2. Post the previous adjustments and prepare an adjusted trial balance (4.5 marks)