Problem 5-2 The Ellis Merchandising Firm's trial balance appears below. Ellis Merchandising Firm Trial Balance December 31, 20XX 29,000 85,000 50,000 1,500 7,000 19,000 Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Rent Equipment Accumulated Depreciation, Equipment Accounts Payable E. Ellis, Capital E. Ellis Withdrawals Sales Sales Returns & Allowances Purchases Purchases Returns & Allowances Selling & Administrative 2,400 70,000 35,000 5,900 210,000 10,000 90,000 5,000 25.000 322,400 322,400 Required: 1. Enter the trial balance amounts on the worksheet and complete the worksheet using the following information: a) Ending merchandise inventory is $56,000. b) $5,000 of prepaid rent has expired. e) Ending supplies inventory is $800. d) Estimated depreciation on equipment is $900. 2. Prepare an Income Statement, Statement of Owner's Equity and Balance Sheet. 3. Prepare the closing entries. 4. Prepare adjusting entries