Multi-step Income Statement and Adjusting Entries Oregon Distributors, whose accounting year ends on December 31, had the following normal balances in its ledger accounts at December 31. Cash Accounts Receivable Inventory $39,360 110,400 98,400 Prepaid Insurance 8,640 Office Supplies 5,760 Furniture & Fixtures 33,600 Accumulated Depreciation - Furn. & Fixtures 12,960 Delivery Equipment 84,000 Accumulated Depreciation-Delivery Equipment 29,280 Accounts Payable 83,280 Long-term Notes Payable 36,000 Common Stock 120,000 Retained Earnings 50,400 Sales Revenue 1,384,800 Cost of Goods Sold 985,440 2 Utilities Expense 8,600 Sales Salaries Expense 108,000 Delivery Expense 36,800 Advertising Expense 26,200 Rent Expense 30,000