Problem 5-4A Adjusting entries and multi-step income statement-perpetual LO5 Use the unadjusted trial balance of Electric Bike on December 31, 2020. Credit Debit $7,800 22,365 34,300 2,265 905 4,555 71,190 $ 13,355 7,200 Cash Accounts receivable Merchandise inventory Store supplies office supplies Prepaid insurance Equipment Accumulated depreciation, equipment Accounts payable Salaries payable Braeden Li, capital Braeden L, withdrawals Interest income Sales Sales returns and allowances Cost of goods sold Salaries expense Rent expense Supplies expense Depreciation expense, equipment Insurance expense Totals 165,475 60,500 280 527,500 4,770 380,860 96,000 28,800 $714,310 5714,310 Required: 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 its life of $14190 The balance in the Prepaid Insurance account was reviewed and it was determined that $320 was unused at December 31, 2020 A review of the store supplies on December 31, 2020, revealed a balance on hand of $1.910; a similar examination of the office upplies showed that $705 had been used. Accrued salaries payable $1650 A count of the merchandise inventory revealed a balance on hand December 31, 2020, of $33,530. View transaction list Journal entry worksheet 5 Record depreciation expense Note: Enter debits before credits General Journal Debit Credit Date Dec 31, 2020 Lab Saved View transaction list Journal entry worksheet