Section C: Long Exercises (20 Marks) C. The trial balance of Smith Company at December 31, 2019 is shown below. ISK2: 10 marks) Smith Company Trial Balance December 31, 2019 Debit 75,000 Credit Accounts Cash 165.000 $2,500 1.800,000 337,500 300,000 Prepaid Insurance Supplies Equipment Accumulated Depreciation - Equipment Notes Payable Accounts Payable Smith, Capital Smith, Drawings Service Revenue Utilities Expense Total 180,000 1.147.500 180.000 367,500 30,000 2,332,500 2,332,500 Other information: 1. Depreciation of equipment for December was $30,000, 2. Rent owed for the month of December but will not be paid until January, 2020 was S45.000. 3. The amount of insurance that expired in the month of December was $15,000. 4. Salaries owed for the month of December but will not be paid until January, 2020 was $60,000. 5. A physical count of supplies indicates $22,500 on hand at December 31 Required: a. Prepare the adjusting entries required on December 31, 2019. (5 marks) b. Prepare the adjusted trial balance on December 31, 2019