Problem #5-Adjusting entries - 10 Points The following trial balance was taken from the books ing trial balance was taken from the books of Fisk Corporation on December 31, 2014. Account Cash Debit Credit $ 9,000 Accounts Receivable 40,000 Notes Receivable 10,000 Allowance for Doubtful Accounts $ 1,800 Inventory 44,000 Prepaid Insurance 4,800 Equipment 110,000 Accumulated Depreciation-Equip. 15,000 Accounts Payable 10,800 Common Stock 44,000 Retained Earnings 55,000 Sales Revenue 280,000 Cost of Goods Sold Salaries and Wages Expense 50,000 Rent Expense 12.800 Totals $406,600 $406,600 126,000 At year end, the following items have not yet been recorded. a. Insurance expired during the year, $4,000. b. Estimated bad debts, 3% of sales. c. Depreciation on equipment, 10% per year on original cost. d. Interest at 6% is receivable on the note for one full year. (Calculate from Notes Receivable) *e. Rent paid in advance at December 31, $3,400 (originally charged to rent expense). f. Accrued salaries and wages at December 31, $2,800. Instructions (a) Prepare the necessary adjusting entries. Make sure I can see which accounts and amounts are debits and which accounts and amounts are credits. Use answer sheet next page