QUESTION # 1 Fahim established his Printing Works in January 2015. Presented below are adjusted and unadjusted trial balances as of December 31, 2019. FAHIM PRINTING WORKS Trial Balance December 31, 2019 Unadjusted Adjusted Account No Account Title Debit Credit Debit Credit 101 Cash 96,800 96,800 111 Accounts Receivable 176,000 206,800 121 Art Supplies 73,920 26,400 131 Prepaid Insurance 29,480 22,000 151 Printing Equipment 528,000 528,000 171 Accumulated Depreciation - Equipment 246,400 290,400 201 Accounts Payable 44,000 44,000 211 Interest Payable 0 1,320 221 Notes Payable 44,000 44,000 231 Unearned Advertising Revenue 61,600 49,280 241 Salaries Payable 0 11,440 301 Fahim, Capital 224,400 224,400 311 Fahim, Drawing 105,600 105,600 401 Advertising Revenue 515,680 558,800 501 Salaries Expense 88,000 99,440 511 Insurance Expense 7,480 521 Interest Expense 3,080 4,400 531 Depreciation Expense 44,000 541 Art Supplies Expense 47,520 551 Rent Expense Totals: 35,200 $1,136,080 35,200 $1,136,080 $1,223,640 $1,223,640 Instructions: (a) Journalize the annual adjusting entries that were made on Page 89 of General Journal. Assuming that you have posted these journals 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.