Multi-step Income Statement and Adjusting Entries The Boston Trading Company, whose accounting year ends on December 31, had the following normal balances in its general ledger at December 31 Cash Accounts Receivable Inventory Prepaid Insurance Office Supplies Furniture &Fixture Accumulated Depreciation - Furn. & Fixtures Delivery Equipment Accumulated Depreciation - Delivery Equipment Accounts Payable Long-term Notes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Utilities Expense Sales Salaries Expense Delivery Expense Advertising Expense Rent Expense Office Salaries Expense Income Tax Expense $19,500 84,900 109,500 9,000 6,300 31,500 7,500 126,000 18,000 61,500 45,000 112,500 77,100 945,000 606,000 7,200 120,000 16,200 8,400 21,600 87,000 13,500 During the year, the accounting department prepared monthly statements but no adjusting entries were made in the journals and ledgers. Data for the year-end procedures are as follows: Prepaid insurance, December 31 Depreciation Expense on furniture and fixures for year Depreciation Expense on delivery equip. for the year Salaries Payable, December 31 ($1,800 Sales and $1,200 Office) 3,000 Unused office supplies on December 31 $1,200 1,800 14,000 1,000