Saved ction B Use the unadjusted trial balance of Electric Bike on December 31, 2020. Credit Debit $ 7,900 22,465 34,400 2,315 895 4,455 72,290 05 $ 13,455 7,800 e 167,005 Casti Accounts receivable Merchandise inventory Store supplies office supplies Prepaid insurance Equipment Accumulated depreciation, equipment Accounts payable Salaries payable Braeden Li, capital Braeden Li, withdrawals Interest income Sales Sales returns and allowances Cost of goods sold Salaries expense Rent expense Supplies expense Depreciation expense, equipment Insurance expense Totals 61,000 290 528,000 4,870 380, 960 96,100 28,900 @ @ $716,550 $716,550 Required: 1. Record adjusting entries for the following information. 0. The records show that the equipment was estimated to have a total estimated useful life of 10 years with a residual value at the end of its life of $14.290. b. The balance in the Prepaid Insurance account was reviewed and it was determined that $315 was unused at December 31, 2020. c. A review of the store supplies on December 31, 2020, revealed a balance on hand of $1.940: a similar examination of the office supplies showed that $700 had been used. d. Accrued salaries payable, $1.700. e. A count of the merchandise inventory revealed a balance on hand December 31, 2020, of $33.620. Record depreciation expense. 2 Record prepaid insurance expired. 3 Record Store supplies used. 4. Record Office supplies used. Record accrued salaries. Record cost of sales for inventory sold. section B & Saved 2 2. Prepare a multiple-step income statement showing the expenses in detail. ELECTRIC BIKE Income Statement For Year Ended December 31, 2020 1:19:37 Operating expenses Total operating expenses Other revenues and expenses