. Please Note: We do not make T-accounts anymore, now, we use General Journal instead. Do not complete this question in Work Sheet. T-accounts were only used for training purposes until Chapter 3. You're making an annual (1-year) adjustment and not monthly. Supplies on hand on December 31 are valued at $700. The three-year insurance policy was purchased on January 1 for $7200. . The declining-balance method of depreciation is used to record depreciation for office equipment (20 percent per year) and automobiles (30 percent per year). Health Care Consultants Trial Balance December 31, 20- Credit Debit $ 4 500 7 000 2 000 7 200 16 000 $ 3 200 32 000 Account Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Acc. Depreciation Office Equipment Automobile Ace. Depreciation Automobile Accounts Payable S. Katz, Capital S. Katz, Drawings Fees Income Salaries Expense Rent Expense Automobile Expense Utilities Expense Office Expense Acc. No. 100 102 131 132 141 142 143 144 200 300 301 00 00 501 502 503 504 16 320 1 500 34 980 36 000 139 000 70 000 14 400 800 2 100 3 000 $195 000 $195.000