The following list of accounts and their balances represents the unadjusted trial balance of Alt Company at December 31, 2017:

Cash $ 29,090

Equity Investments (trading) 60,000

Accounts Receivable 69,000

Allowance for Doubtful Accounts $ 500

Inventory 54,720

Prepaid Rent 36,000

Plant Assets 160,000

Accumulated Depreciation-Plan Assets 14,740

Accounts Payable 11,370

Bonds Payable 90,000

Common Stock 170,000

Retained Earnings 97,180

Sales Revenue 214,800

Cost of Goods Sold 154,400

Freight-Out 11,000

Salaries and Wages Expense 32,000

Interest Expense 2,040

Rent Revenue 21,600

Miscellaneous Expense 890

Insurance Expense 11,050

$620,190 Total

Additional Data: 1. The balance in the Insurance Expense account contains the premium costs of three policies: Policy 1, remaining cost of $2,550, 1-yr. term, taken out on May 1, 2016; Policy 2, original cost of $7,200, 3-yr. term, taken out on Oct. 1, 2017; Policy 3, original cost of $1,300, 1-yr. term, taken out on Jan. 1, 2017. 2. On September 30, 2017, Alt received $21,600 rent from its lessee for an eighteen month lease beginning on that date. 3. The regular rate of depreciation is 10% per year. Acquisitions and retirements during a year are depreciated at half this rate. There were no purchases during the year. On December 31, 2017, the balance of the Plant and Equipment account was $240,000. 4. On December 28, 2017, the bookkeeper incorrectly credited Sales for a receipt of cash on account in the amount of $20,000. 5. At December 31, 2017, salaries and wages accrued but unpaid were $6,800. 6. Alt estimates that 2% of sales will become uncollectible. 7. On August 1, 2017, Alt purchased, as a short-term investment, 60 $1,000, 7% bonds of Allen Corp. at par. The bonds mature on August 1, 2013. Interest payment dates are July 31 and January 31. 8. On April 30, 2017, Alt rented a warehouse for $3,000 per month, paying $36,000 in advance.

Instructions Using Excel, record the necessary correcting and adjusting entries.