Fido's Food Mart Adjusted Trial Balance December 31, 20XX Account Title Debits Credits Cash 50,938 Accounts receivable 12,250 Inventory 84,720 Supplies bu nilito 650 Flott Prepaid insurance 320 bo Equipment bahong 30,550 Vehicle 12,250 Accumulated depreciation - Equipment and vehicle Accounts payable 62,128 Unearned revenue (gift cards) ba ostalim 275 La so Bonds payable (mature 12/31/XX) 12,000 Common stock (200 shares @ $210/share, par $210) 42,000 Retained earnings cedores Sales revenue 132,725 Less: sales discount 0 Cost of goods sold Operating expenses 34,840 Depreciation expense Insurance expense 160 Rent expense 5,750 1,200 Supplies expense 15,500 Wages expense 249,128 249,128 Totals Right before closing on New Year's eve, a couple came into the store and purchased 40 bags of dog food for cash at $50 each for a Canine New Year's Party. Normally, sales discounts are taken when sales are on account. However, due to the New Year's holiday, the owners are feeling generous and offer a 2 percent discount on anything purchased. Each bag of food cost Fido's Food Mart $25. Since the revenue is earned in this year, the following activites must occur: Record the journal entry for this merchandise sale a. Show the balancing effects on the accounting equation b. Record the adjusting journal entry in two-line format using a debit and a credit. c. Show T-accounts with beginning balances, transactions, and end balances. Calculate Fido's Food Mart's cost of goods sold on this sale. Prepare a new adjusted trial balance and highlight the accounts and amounts changed