Instructions: 1. Construct T-accounts and enter the balances shown. 2. The following adjusting entries have been identified: a. Bad debt expense is estimated to be $10,000. b. Armnal depreciation expense on the Equipment is $24,000 and annual depreciation expense for building is $10,000. c. Prepaid Insurance is for 2 years of insurance paid on 1f1f14. Record the amount for 2014. d. The note payable ($270,000) has interest of 5% per year and the interest is payable on L\" 1! 15. Record the interest for 2014. e. Salaries and wages earned but unpaid as of year-end are $9,750 (sales) and $3,950 (administrative). f. At year-end, $2,660 of Supplies remain on hand. $12,000 of die unearned rent revenue was earned as of 1281.314. h. Utilities expense incurred for December, but unpaid and unrecorded was $3,500. Prepare the adjusting journal entries {include explanations) and post the entries to the appropriate T-accounts [construct additional Taccounts as necessary). 3. Prepare an adjusted trial balance. 4. Prepare a classified balance sheet and a multiple-step income statement in good form. 5. Prepare closing journal entries and post to die T-accounts. 6. Prepare a postclosing trial balance