Required: The following must be submitted in a WORD document! Remember: Copy => paste picture (from EXCEL to WORD) as necessary. 1. Using the information provided on the next page, prepare the necessary YEAR-END ADJUSTING JOURNAL ENTRIES for FY 2020 (submit a copy of your journal entries). 2. Prepare and submit a copy of the ADJUISTED TRIAL BALANCE as of December 31, 2020. 3. Post the adjusting journal entries to the appropriate "T" Account. Include a copy of the following T Accounts in your homework submission (T Accounts should reflect the full year of activity all 12 months and the adjusting entries). a. Sales account b. COGS account C. Cash account d. Accounts Receivable account e. Inventory account f. Accounts payable account Year-End Adjusting Entries Adj. 1 Accrue $10,000 for commissions owed to sole staff as of year-end. Due January 10, 2020. Adj. 2 Adjust (increase) Allowance for Doubtful Accounts by $3,000. Stamp pizza dispute. Note: We are not ready to write-off the receivable. Adj.3 Record $11,000 rent revenue and related miscellaneous receivable from lessee (rent space in our warehouse). Adj. 4 Tax accountant has determined the 2020 tax expense. It is $54,300. Note: We will not actually pay the tox until March 15th. Adj. 5 Record depreciation expense for the year. Note: The equipment and building depreciation expense is allocated based on usage as follows: Selling - Depreciation Expense is $14,000 Administrative - Depreciation Expense is $13,000 The corresponding adjustment to accumulated depreciation is as follows: Accum. Depr.- Equip. is $19,000 Accum. Depr.- Building is $8,000 CORRECT ENTRY PROVIDED BELOW: Adj. 5 Dec 31, 2020 $ $ 14,000 13,000 Selling Expense - Depr. Exp Administrative Exp. - Depr. Exp. Accum. Depr. - Equip. Accum. Depr.- Building $ $ 19,000 8,000 Adj. 6 On December 31, Dividends of $10,000 were declared. Payable to shareholders of record as of October 31, 2020. The dividends are to be paid in January of 2021. Note: Debit the Dividends account (versus the RE account). Adj. 7 SBA Loan (principal payment) expense for 2020 is $17,000. The payment is due on January 15, 2021. SBA Loan (interest payment) expense for 2020 is $5,000. The payment is due on January 15, 2021. CORRECT ENTRY PROVIDED BELOW: Adj. 7 Dec 31, 2020 17,000 $ 17,000 SBA Loan (Long-Term) $ SBA Loan (Current) - Payable Interest Expense $ Interest Payable 5,000 $ 5,000 Adj. 8 Paid $10,000 interest payable from beginning of year