Q1. The following table shows the trial balance, income statement and balance sheet of a company for the year ending December 31, 2016. Based on the following table, identify the adjustments and prepare journal entries for adjustments that the company recorded on December 31, 2016. [18 Marks] Income Statement Debit Credit Account title Cash Account receivable Supplies Prepaid insurance Machinery Accumulated Depreciation Account payable Notes Payable Unearned service fees Common stock Retained Earnings Service Fee Income Salaries expense Telephone expense Supplies expense Insurance expense Depreciation expense Interest expense Interest payable Salaries Payable Net Income Totals Trial Balance Debit Credit 12000 24000 1000 4000 20000 6000 8000 4000 2000 20000 6000 30000 10000 5000 Balance sheet Debit Credit 12000 24000 400 3000 20000 8000 8000 4000 1000 20000 6000 31000 10300 5000 600 1000 2000 100 100 300 12000 59400 12000 76000 76000 59400