Debits Credits Cash $ 11,000 Inventory 24,000 Advances to employees 2,300 Supplies 2,700 Equipment 56,000 Accumulated depreciation, equipment $ 4,000 Unearned revenue 6,300 Bank loan payable 20,000 Common shares 40,000 Retained earnings 8,700 Sales revenue 236,000 Cost of goods sold 136,000 Wages expense 34,500 Repairs and maintenance expense 24,500 Rent expense 6,600 Miscellaneous expenses 14,000 Dividends declared 3,400 Totals $315,000 $315,0008. Income tax for the year should be calculated using a tax rate of 25%. (Hint: After you finish the other adjusting entries, determine the income before income tax and then calculate the tax as 25% of this amount.)