The following trial balance was taken from the books of Best Corporation on December 31, 2020. Account Cash Accounts Receivable Debit $ 12,000 40,000 Credit Note Receivable 7,000 Allowance for Doubtful Accounts $ 1,800 Merchandise Inventory 54,000 Unexpired Insurance 4,800 Furniture and Equipment 125,000 Accumulated Depreciation of F. & E. 15,000 Accounts Payable 10,800 Common Stock 44,000 55,000 310,000 131,000 50,000 12,800 $436,600 $436,600 Retained Earnings Sales Cost of Goods Sold Salaries Expense Rent Expense Totals At year end, the following items have not yet been recorded. a. Insurance expired during the year, $2,500. b. Estimated bad debts, 2% of gross sales. c. Depreciation on furniture and equipment, 12% per year. d. Interest at 8% is receivable on the note for one full year. e. Rent paid in advance at December 31, $4,500 (originally charged to expense). f. Accrued salaries at December 31, $6,500. Instructions: Prepare the necessary adjusting entries.