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The following trial balance was taken from the books of Wildhorse Corporation on December 31, 2020. Credit Debit $8,300 41,300 11,900 $1,740 36,200 4.280 122.200 Account Cash Accounts Receivable Notes Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation--Equip, Accounts Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Salaries and Wages Expense Rent Expense 14,600 11,700 48,600 110,440 230,000 128,300 52,000 12,600 Totals $417,080 $417,080 At year end, the following items have not yet been recorded. a b Insurance expired during the year. $ 2,030. Estimated bad debts. 1% of gross sales. Depreciation on equipment, 10% per year on original cost. Interest at 6% is receivable on the note for one full year. Rent paid in advance at December 31, $ 5.800 (originally charged to expense). Accrued salaries and wages at December 31.5 6.160. d. 1 Lal Your answer has been saved See score details after the due date Prepare the necessary adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit a. Insurance Expense 2030 2030 Prepaid Insurance b. Bad Debt Expense 2300 Allowance for Doubtful Accounts c. Depreciation Expense 12220 Accumulated Depreciation Equipment d. Interest Receivable 714 Interest Revenue e Prepaid Rent 5800 Rent Expense . Salaries and Wages Expense 6160 Salaries and Wates Payable (b) Prepare the necessary closing entries. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually.) Debit Credit Account Titles and Explanation (To close revenue accounts) (To close expense accounts) (To dose net income / (loss))