The following trial balance was taken from the books of Fisk Corporation on December 31, 2019.

Account Debit Credit

Cash $ 9,000

Accounts Receivable 40,000

Notes Receivable 10,000

Allowance for Doubtful Accounts $ 1,800

Inventory 44,000

Prepaid Insurance 4,800

Equipment 110,000

Accumulated Depreciation--Equip. 15,000

Accounts Payable 10,800

Common Stock 44,000

Retained Earnings 55,000

Sales Revenue 280,000

Cost of Goods Sold 126,000

Salaries and Wages Expense 50,000

Rent Expense 12,800

Totals $406,600 $406,600

At year end, the following items have not yet been recorded.

1. Insurance expired during the year, $3,200.

b. Estimated bad debts, 3% of sales revenue.

c. Depreciation on equipment, 8% per year on original cost.

d. Interest at 5% is receivable on the note for one full year. (Calculate from Notes Receivable)

e. Accrued salaries and wages at December 31, $2,500.

Prepare the necessary adjusting entries on the next page.