The Unadjusted Trial Balance for Palicio Security Systems Inc. is presented below as of and for the year ended December 31, 2020. Required: Review the Trial Balance and make a list of the balance sheet accounts that might need to be adjusted prior to preparing the financial statements. For each account identified, explain in your own words, how you would determine the adjustment for the account. An example answer for the Supplies account is provided below. Supplies - Supplies are physically counted at period end and the Supplies balance sheet account is adjusted up or down to the cost of the supplies on hand. Palicio Security Systems Inc. Trial Balance 12/31/2020 Credit Debit 74,210 13,500 $ 500 6,620 3,200 200 4,000 50,000 Cash Accounts receivable Allowance for Doubtful Accounts Inventory Prepaid rent Supplies Land Equipment Less: Acc. Depr Accounts payable Salaries payable Unearned revenue Notes payable Common stock Preferred stock Additional paid-in-capital Dividends Retained earnings Sales Cost of goods sold Transportation-out Salaries expense Utilities expense Depreciation expense Interest expense Gain on sale of land 20,000 1,950 1,000 900 3,000 10,000 5,000 35,000 10,000 21,430 157,120 57,120 250 25,000 2,500 10,000 50 750 256,650 $ 256,650 $