First Name: Last Name: CHAPTER2 IN-CLASS EXERCISE 2 (10points) Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31,2018, appears below. December 31 is the company's fiscal year-end. The company uses the perpetual inventory system. Account Title Cash Accounts receivable Debits Credits 23,300 32,500 Supplies Prepaid rent Inventory Office equipment Accumulated depreciation-office equipment Accounts payable Salaries and wages payable Note payable Common stock Retained earnings Sales revenuc Cost of goods sold Interest expense Salaries and wages expense Rent expense Supplies expense Utility expense Totals Information necessary to prepare the year-end adjusting entries appears below. 65,000 75,000 10,000 26,100 3,000e 30,000 80,000 16,050 95,000 32,350 14,000 2,000 6,000 345,150 345,150 The office equipment straight-line method over an eight-year useful life with no salvage value. I. was purchased in 2016 and is being depreciated annually using the 2. Accrued salaries and wages at year-end should be $4,500 3. The company borrowed $30,000 on September 1, 2018. The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10%. 4. The company debits supplies expense when supplies are purchased. Supplies on hand at 5. Prepaid rent at year-end should be $1,000. year-end cost $500