Please prepare Adusted Journal entries.

Dividends was found to be -48,000

Income tax payble was found to be -279,850

1 General Ledger Account Name 2 Balance Sheet Accounts 3 Cash and cash equivalents Unadj. Balance 12/31/19 Debit Credit 72,337 12/31/19 Adjusting J/Es Debit JE# 5 Accounts Receivable 910,680 7 Allowance for doubtful accounts 84,962 9 Inventory 1,272,160 11 Prepaid expenses 22,774 13 Other Current Assets 16,063 15 Building 874,418 17 Equipment and furniture 336,983 19 Land 348,791 21 Accum Depr 656,465 23 Investments 140,186 25 Goodwill 397,740 27 Other intangible assets 253,900 29 Accounts Payable 1,169,343 31 Dividends payable 33 Interest payable 5,100 35 Unearned revenue 205,720 37 Wages payable 81,350 39 Payroll taxes payable 8,850 41 Income tax payable 43 Long term liabilities 588,500 B C E F G 920,000 45 Common Stock 46 47 Paid-in capital common stock 105,000 49 Treasury Stock 400,000 51 Retained Earnings 539,069 53 Dividends 55 Net Income (Loss) 681,673 5,046,032 5,046,032 58 Income Statement Accounts 59 Gross product sales revenue 9,293,346 61 Service revenue 1,158,785 62 162,400 63 Product sales returns 64 65 Product sales discounts 269,662 67 Product cost of goods sold 5,384,590 69 Service cost of goods sold 570,811 71 Advertising 163,870 73 Bad debt expense 0 75 Depreciation and amortization 64,500 77 Dues and subscriptions 21,470 79 Equipment expense 150,781 81 Gain/loss on disposal 0 82 83 Income tax expense 84 80,144 85 Insurance 86 B C D E F G 87 Interest expense 45,200 89 Investment income 13,230 91 Legal and accounting fees 106,650 93 Miscellaneous 9,048 95 Office expense 220,114 97 Payroll taxes 136,975 99 Property taxes 104,570 42,028 470,680 20,085 38,391 101 Repair and maintenance 102 103 Research and development 104 105 Telephone 106 107 Travel and entertainment 108 109 Utilities 110 111 Wages 112 113 Wages - Officers 114 115 Net (Income) Loss 116 117 47,049 964,670 710,000 (681,673) 9,783,688 9,783,688 118