New York Boutique Trial Balance December 31, 2021 Cash Accounts Receivable Supplies Prepaid Insurance: Prepaid Rent Equipment (placed in service 1/1/2019) Accumulated Depreciation-Equipment Accounts Payable Interest Payable Notes Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense - Equipment Supplies Expense Rent Expense a) DR CR $ 11,000 20,000 8,000 3,250 2,000 60,000 $ 24,000 5,000 5,400 7,000 12,000 3,500 60,600 10,000 500 350 400 2,000 $ 117,500 $ 117,500 $ From the trial balance above and the information given below, prepare adjusting journal entries. i. As of December 31, supplies on hand totaled $7,200 ii. Office rent $4,000 was paid on December 1 for four months. iii. On December 1, David R, one of the customers prepaid $5000 for a service to be performed on January 15th of the following year. The order was cancelled on December 31st. iv. On October 1, NY Boutique paid $3,750 insurance premimum for 15 months period. v. Equipments are depreciated in a streightline method over 5 years. As per the company policy, depreciation is calculated and recorded on December 31st. b) Prepare an adjusted balance sheet c) Prepare closing journal entries