The unadjusted trial balance of Concord Enterprises for the year ending December 31, 2021, follows: CONCORD ENTERPRISES Trial Balance December 31, 2021 Debit Credit Cash $15,000 Accounts receivable 19.200 Merchandise inventory 37.050 Prepaid insurance 3.000 Supplies 2.950 Equipment 150,000 Accumulated depreciation-equipment $35,000 Furniture 45.000 Accumulated depreciation-furniture 18.000 Accounts payable 33,200 Unearned revenue 4,000 125,000 Mortgage payable S.Kim, capital 46.200 28.74/40 E Question 6 of 6 28.74/40 I Sm capital 46.200 SKm drawings 48.000 Sales 265.000 Sales returns and allowances 2.500 Sales discounts 3275 Cost of goods sold 153.000 Interest expense 6875 Salaries expense 35.450 Utilities expense 5.100 $526.400 $526.400 Additional information There is $780 of supplies on hand on December 31, 2021 2 The one-year insurance policy was purchased on March 1.2021 3 Depreciation expense for the year is $10,400 for the equipment and $4,500 for the furniture 4. Accrued interest expense at December 31, 2021, is $775 S. Unearned revenue of $975 is still unearned at December 31.2021. On the sales that were earned, cost of goods sold was $2.250 20.141.40 6. A physical count of merchandise inventory indicates $31.750 on hand on December 31, 2021. 7. Global uses the perpetual inventory system and the earnings approach. Your answer is partially correct. Prepare the adjusting journal entries assuming they are prepared annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts No. Date Account Titles and Explanation 1 Dec. 31 Supplies Expense Supplies (To record supplies used.) 2 Dec. 31 Insurance Expense Prepaid Insurance (To record insurance expired.) 3 Dec. 31 Depreciation Expense Debit 2950 2500 14900 Credit 2950 2500 to search resord cost of goods sold) 6 Dec. 31 Cost of Goods Sold Merchandise Inventory To adjust ending inventory to actual at year end.) eTextbook and Media 2650 2650 -Your answer is partially correct. Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45)) CONCORD ENTERPRISES Income Statement For the Year Ended December 31, 2021 16C Sunny Sales Less CONCORD ENTERPRISES Income Statement For the Year Ended December 31, 2021 Sales Returns and Allowances 2500 Sales Discounts Net Sales Cost of Goods Sold Gross Profit/(Loss) Total Operating Expenses Salaries Expense 3275 35450 268200 5775 262425 -158000 104425 Total Operatine Expenses v Salaries Expense 35450 Utilities Expense 5100 Supplies Expense 2200 Insurance Expense 2500 Depreciation Expense 14800 Operating Expenses Profit from Operations Sales Revenues Interest Expense -60050 44375 7575 S 36800 Total Sales Revenues Revenues CONCORD ENTERPRISES Income Statement For the Month Ended December 31.2021 Net Sales Expenses Cost of Goods Sold Interest Experse 158000 2575 Salaries Expense 35450 Utilities Expense 5100 i Supplies Expense Insurance Expense Depreciation Expense Total Expenses 2200 2500 14800 262425 -225625 Prepare the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Dec. 31 Sales Income Summary (To close income statement account with credit balance.) Dec. 31 Income Summary Sales Returns and Allowances Sales Discounts Cost of Goods Sold Interest Expense Salaries Expense Debit Credit 268200 231400 268200 2500 3275 158000 7575 35450 Interest Expense 3 Salaries Expense Utilities Expense Supplies Expense Insurance Expense Depreciation Expense (To close income statement accounts with debit balances) Dec. 31 Income Summary Sales To close Income Summary account.) Dec. 31 Sales 5. Kim, Drawings (To close drawings account.) 28.74/40 E 7575 25450 5100 2200 2500 14800 36800 36800 48000 48000