prepare the necessary adjusting journal entries.

Prepare the necessary closing journal entries.

1. The following trial balance was taken from the books of Webster Corporation on December 31, 2021. At year end, the following items have not yet been recorded: a. Estimated bad debts, 2% of sales revenue b. Depreciation on equipment, purchased for $92,000 on February 1, 2021, 5-year useful life, $10,000 salvage value c. Interest at 4% is receivable on the note receivable for one full year d. Accrued salaries and wages at December 31, 2021, $8,800 e. Insurance expired during the year for policy paid for in advance on August 1,2021 (a two-year policy) f. Rent for a six-month term was paid in advance on October 1, 2021 Instructions (a) Prepare the necessary adjusting journal entries