The trial balance of the Alan Merchandise Firm appears below. Alan Merchandise Firm Trial Balance December 31, 20XX Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance 25,000 150,000 75,000 7,000 2,000 15,000 Store Equipment Accumulated Depreciation, Store Equipment Accounts Payable D. Alan, Capital D. Alan, Withdrawals Sales Sales Discounts Sales Returns & Allowances 5.000 50.000 88,000 1,000 290,000 3,000 1,500 95,000 Purchases Purchases Discounts Purchases Returns & Allowances Freight-In Selling & Administrative Expenses 1,000 2,000 2,500 59,000 436,000 436,000 Enter the trial balance amounts on the worksheet and complete the worksheet using the wlowing information: 2 Merchandise inventory 12/31/XX is $70,000. Ending supplies inventory is $3,000. 441500 of prepaid insurance has expired. Estimated depreciation on store equipment is $1,000. Prepare an Income Statement, Statement of Owner's Equity and Balance Sheet. Prepare the closing entries. Prepare adjusting entries