Preparing Adjusting Entries, Financial Statements, and Closing Entries Fischer Card Shop is a small retail shop. Fischer's balance sheet at year-end 2013 is as follows. The following information details transactions and adjustments that occurred during 2014. 1. Sales total $29,170 in 2014; all sales were cash sales. 2. Inventory purchases total $15.240 in 2014; at December 31, 2014, inventory totals $2.900. Assume all purchases are made on account. 3. Accounts payable totals $820 at December 31, 2014 4. Annual store rent for $4,800 and was paid on March 1, 2014, covering the next 12 months. The balance in prepaid rent at December 31, 2013, was the balance remaining from the advance rent payment in 2013. 5. Wages are paid every other week on Friday; during 2014, Fischer paid $2.500 cash for wages. At December 31, 2014, Fischer owed employees unpaid and unrecorded wages of $70 6. Depreciation on equipment totals $340 in 2014. Fischer Card Shop Balance Sheet December 31, 2013 Cash 51,700 Accounts payable 1,040 2,400 Wages payable 20 760 Total current liabilities 1,060 4860 Total equity (includes retained earnings) 4,700 $5,760 Prepaid rent Total current assets Total liabilities and equity Equipment Less Accumulated depreciation Equipment, net $1,500 600 900 Total assets $5,760