QUESTION # 1 Fahim established his Printing Works in January 2015. Presented below are adjusted and unadjusted trial balances as of December 31, 2019. Account No 101 111 121 131 151 171 201 211 221 231 FAHIM PRINTING WORKS Trial Balance December 31, 2019 Adjusted Unadjusted Account Title Debit Credit Debit Credit Cash 96,800 96,800 Accounts Receivable 176,000 206,800 Art Supplies 73,920 26,400 Prepaid Insurance 29,480 22.000 Printing Equipment 528,000 528,000 Accumulated Depreciation - Equipment 246,400 290,400 Accounts Payable 44,000 44,000 Interest Payable 0 1,320 Notes Payable 44,000 44,000 Unearned Advertising Revenue 61,600 49,280 Salaries Payable 0 11,440 Fahim, Capital 224,400 224,400 Fahim, Drawing 105,600 105,600 Advertising Revenue 515,680 558,800 Salaries Expense 88,000 99,440 Insurance Expense 7,480 Interest Expense 3,080 4,400 Depreciation Expense 44.000 Art Supplies Expense 47,520 Rent Expense 35,200 35,200 $1,136,080 $1,136,080 $1,223,640 $1,223,640 241 301 311 401 501 511 521 531 541 551 Totals: Instructions: (a) Journalize the annual adjusting entries that were made on Page 89 of General Journal. Assuming that you have posted these joumals in ledger accounts (not required here), complete the references. (b) Prepare an income statement and a statement of owner's equity for the year ending December 31, 2019, and a balance sheet at December 31. (c) Answer the following questions: (1) If the note has been outstanding for 3 months, what is the annual interest rate on that note? (2) If the company paid $110,000 in salaries in 2019, what was the balance in Salaries Payable on December 31, 2018