Stumpjumper Inc. sells mountain bikes to sporting goods stores. The company's reporting year- end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 60,000 Accounts receivable 80,000 Supplies 3,000 Inventory 120,000 Notes receivable 40,000 Interest receivable 0 Prepaid rent 4,000 Prepaid insurance 12,000 Office equipment 160,000 Accumulated depreciation 60,000 Accounts payable 62,000 Salaries payable 0 Notes payable 100,000 Interest payable 0 Deferred sales revenue 4,000 Common stock 120,000 Retained earnings 57,000 Dividends 8,000 Sales revenue 292,000 Interest revenue 0 Cost of goods sold 140,000 Salaries expense 37,800 Rent expense 22,000 Depreciation expense 0 Interest expense 0 Supplies expense 2,200 Insurance expense Advertising expense 6,000 Totals 695,000 695,000 Information necessary to prepare the year-end adjusting entries appears below. 1. Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month. Salaries earned from December 16 through December 31, 2021, were $3,000.