Presented below is the December 31 trial balance of: ABC Corporation Trial Balance December 31, 2019 Debit Credit Cash $ 60,000 Accounts Receivable 48,000 Allowance for Doubtful Accounts $ 5,000 Inventory 95,000 Prepaid Insurance 6,000 Equipment 485,000 Accumulated DepreciationEquipment 290,000 Notes Payable 64,000 Common Stock 239,000 Retained Earnings 32,000 Sales 866,000 Cost of Goods Sold 427,000 Sales Salaries Expense 169,000 Advertising Expense 71,000 Administrative Salaries Expense 82,000 Office Expense 53,000 __ _ $1,496,000 $1,496,000 Instructions: Only the worksheet (b) is to be done on excel, the rest of this problem (a, c, d, e, f) is to be done using pencil and paper. (a) Construct T-accounts and enter the balances shown. (b) Create a 10 column worksheet using Excel (follow the sample on page 130). ALL the calculations on the worksheet must be done using formulas (vertical and horizontal). You must format the worksheet so it prints out on a single sheet of paper (8 X 11). Information for preparing year-end Adjusting Entries: 1. Bad debt expense is estimated to be $2,500. 2. Furniture and equipment is depreciated is $2,100 per month. 3. Insurance expires at a rate of $200 per month. 4. Interest accrued on notes payable $3,750. 5. Sales salaries accrued, not paid $4,000. 6. Advertising paid in advance was $2,500, all advertising was expensed when paid. 7. Office supplies on hand $4,750, charged to Office Expense when purchased. 8. Ending Inventory is $93,500 (perpetual inventory method is used) 9. Income Tax Expense is 20% of Income before Income Tax Note: - The cash account should not be adjusted, it is correct as stated. (c) Prepare a General Journal showing the adjusting journal entries from the worksheet. (Omit explanations.) Open additional T-accounts as necessary. (Assume a December 31 year-end) (d) Post adjusting entries to the T-accounts. Be sure to recalculate the new ending balances for each account after adjusting entries are posted and again after closing entries are posted. (e) Prepare closing entries. (f) Post closing entries to the T-accounts; be sure to recalculate the new ending balances for each account