Hiils Inc, started a garments business on March 1, 2019, Part A: Name the accounts that will be debited or credited for the adjusting entries to be made on May 31", 2019 Also, give the amount with which the journal entry will be prepared [72 Points - 3 points cach] Transactions Debid Credit mount (5) On May 1, the company borrowed a $50,000 from a local bank. The company signed a note bearing interest of 12% per year. 12 on March 1, the company prepaid $48,000 for insurance for 24 months 3 The company purchased an equipment on May 1 for 48,000, having a useful life of 5 years. Depreciation expense per year is $9,600, 14 During March 2019, the company purchased $1,000 of supplies. A physical count of supplies at May 31 indicated that only $350 of supplies are on hand, Hills had received $8,200 in advance from a customer for services to be provided in the future. S2,800 of the amount was earned by May 31st. 6 A utility bill of $600 has not been recorded or paid Jon May 31" 2019 The company had a beginning balance of prepaid rent of $6,000. The balance of prepaid rent on May 31" was $3,500 Accrued salaries and wages at May 31" of $2,000 were not included. Part B: For all the transactions above, provide the balance of the following accounts in the adjusted trial balance. Also, mention whether the balances will be debit or credit balances. [28 Points - 3.5 points each) Adjusted Trial Balance as on May 31" 2019 Accounts Names Amount S Debit/Credit Prepaid Insurance Prepaid Rent Supplies Uncarned Service Revenue Hiils Inc, started a garments business on March 1, 2019, Part A: Name the accounts that will be debited or credited for the adjusting entries to be made on May 31", 2019 Also, give the amount with which the journal entry will be prepared [72 Points - 3 points cach] Transactions Debid Credit mount (5) On May 1, the company borrowed a $50,000 from a local bank. The company signed a note bearing interest of 12% per year. 12 on March 1, the company prepaid $48,000 for insurance for 24 months 3 The company purchased an equipment on May 1 for 48,000, having a useful life of 5 years. Depreciation expense per year is $9,600, 14 During March 2019, the company purchased $1,000 of supplies. A physical count of supplies at May 31 indicated that only $350 of supplies are on hand, Hills had received $8,200 in advance from a customer for services to be provided in the future. S2,800 of the amount was earned by May 31st. 6 A utility bill of $600 has not been recorded or paid Jon May 31" 2019 The company had a beginning balance of prepaid rent of $6,000. The balance of prepaid rent on May 31" was $3,500 Accrued salaries and wages at May 31" of $2,000 were not included. Part B: For all the transactions above, provide the balance of the following accounts in the adjusted trial balance. Also, mention whether the balances will be debit or credit balances. [28 Points - 3.5 points each) Adjusted Trial Balance as on May 31" 2019 Accounts Names Amount S Debit/Credit Prepaid Insurance Prepaid Rent Supplies Uncarned Service Revenue