Problem 5-4A Adjusting entries and multi-step income statement-perpetual LO5 Use the unadjusted trial balance of Electric Bike on December 31, 2020. Cash Accounts receivable Merchandise inventory Store supplies office supplies Debit Credit $ 7,600 22,165 34,100 2,165 925 Prepaid insurance 4,755 Equipment 68,990 Accumulated depreciation, equipment $ 13,155 Accounts payable 7,500 Salaries payable 0 Braeden L, capital 162,415 Braeden Li, withdrawals 59,500 Interest Income Sales 260 526,500 Sales returns and allowances 4,570 Cost of goods sold 380,660 Salaries expense 95,800 Rent expense 28,600 Supplies expense 0 Depreciation expense, equipment 0 Insurance expense Totals $709,830 $709,830 Required: 1. Record adjusting entries for the following information. The records show that the equipment was estimated to have a total estimated useful life of 10 years with a residual value at the end of its life of $13,990 b. The balance in the Prepaid Insurance account was reviewed and it was determined that $330 was unused at December 31, 2020 CA review of the store supplies on December 31, 2020, revealed a balance on hand of $1.850, a similar examination of the office supplies showed that $715 had been used d. Accrued salaries payable. $1.550 A count of the merchandise inventory revealed a balance on hand December 31, 2020, of $33.350 View Scaisactio View journal entry worksheet