The trial balance of Winsor Corporation is reproduced below. Also below is the information relevant to the preparation of adjusting entries needed to both properly match revenues and expenses for the period and reflect the proper balances in the real and nominal accounts. Instructions As the accountant for Winsor Corporation, you are to: Prepare adjusting entries based on the following data, entering the adjustments on the work sheet and completing the additional columns with respect to the adjusted trial balance, income statement and balance sheet. Carefully key your adjustments and label all items Round all computations to the nearest dollar. Record in general journal format the adjusting, closing and any reversing entires. (a) Winsor determined that one percent of sales will become uncollectible. (b) Depreciation is computed using the straight-line method, with a ten-year life and $5,000 salvage value (c) Salesmen are paid commissions of 15% of sales Commissions on sales for December have not been paid. (d) The note was issued on October 1, bearing interest at 8%, due Feb. 1. 2018 (c) A physical inventory of supplies indicated $440 of supplies currently in stock (1) Provisions of a lease contract specify payments must be made one month in advance with monthly payments at $800mo. This provision has been complied with as of Dec 31, 2017 Winsor Corporation Work Sheet For the Year Ended December 31, 2017 Cash 420 Trial Balans Adjustments Adjusted TB Income Statement Balance Sheet Accounts Dr. Cr Dr Dr. CE Dr. 12,400 Equity Invest 14,050 Accounts Rec. 30,000 Allow. for D. A Inventory 16,800 Supplies 1,040 Equipment 65,000 Accum. Depr.-Equip 9,500 Accounts Payable 4,400 Notes Payable 10,000 Common Stock 40,000 Ret Earings 29,690 Sales Revenue 360,000 Cost of Goods Sold 245,520 Salaries and Wages Exp. 20,800 Sales Comm. Exp. 39,000 Rent Expense 7.200 Misc. Expense 2.200 Totals 454,010 454.010