he trial balance for Danbury Kite Shop as of December 31, 20-1, is shown. Danbury Kite Shop UNADJUSTED TRIAL BALANCE December 31, 20-- ACCOUNT TITLE DEBIT CREDIT 1 Cash 33,600.00 2 Accounts Receivable 17,040.00 3 Merchandise Inventory 36,000.00 4 Estimated Returns Inventory 3,600.00 5 Supplies 1,920.00 6 Prepaid Insurance 4,320.00 7 Land 144,000.00 8 Building 480,000.00 9 Accumulated Depreciation-Building 72,000.00 10 Equipment 108,000.00 11 Accumulated Depreciation-Equipment 14,400.00 12 Accounts Payable 13,744.00 13 Customer Refunds Payable 5,000.00 14 Wages Payable 15 Sales Tax Payable 2,400.00 16 Unearned Repair Revenue 6,000.00 17 Note Payable 96,000.00 18 William Danbury, Capital 465,144.00 19 William Danbury, Drawing 25,932.00 20 Income Summary 21 Sales 449,400.00 22 Sales Returns and Allowances 15,360.00 23 Repair Revenue 1,440.00 24 Purchases 169,800.00 25 Purchases Returns and Allowances 2,160.00 26 Purchases Discounts 996.00 27 Freight-In 960.00 28 Wages Expense 78,000.00 29 Advertising Expense 972.00 30 Supplies Expense 31 Phone Expense 1,452.00 32 Utilities Expense 3,888.00 33 Insurance Expense 34 Depreciation Expense-Building 35 Depreciation Expense-Equipment 36 Interest Expense 3,840.00 37 Totals 1,128,684.00 1,128,684.00 At the end of the year, the following adjustments need to be made: (a and b) Merchandise inventory as of December 31, $37,920. (c, d, e) Bill Danbury estimates that customers will be granted $3,000 in refunds of this years sales next year and the merchandise expected to be returned will have a cost of $2,160. (f) Unused supplies on hand, $420. (g) Insurance expired, $2,880. (h) Depreciation expense for the year on building, $24,000. (i) Depreciation expense for the year on equipment, $4,800. (j) Wages earned but not paid (Wages Payable), $624. (k) Unearned repair revenue on December 31, 20-1, $1,440. Required: 1. Prepare an end-of-period spreadsheet. 2. Prepare adjusting entries and post adjusting entries to an Income Summary T account. 3. Prepare closing entries and post to a Capital T account. There were no additional investments this year. 4. Prepare a post-closing trial balance. 5. Prepare reversing entry(ies)