The unadjusted trial balance of Monty Enterprises for the year ended December 31, 2024, follows: Cash MONTY ENTERPRISES Trial Balance December 31, 2024 Accounts receivable Merchandise inventory Prepaid insurance Supplies Equipment Accumulated depreciation-equipment Furniture Accumulated depreciation-furniture. Accounts payable Unearned revenue Debit $14,100 19,800 37.000 6,000 3,100 178,000 45,000 Credit $35,000 20,400 33.700 4,300 Mortgage payable S. Jackson, capital S. Jackson, drawings Sales Sales returns and allowances Sales discounts Cost of goods sold Interest expense Salaries expense Utilities expense 44,000 2,800 3,310 157,500 6,850 36,100 5.400 $558,960 140,000 50,560 275,000 $558,960 Additional information: There is $850 of supplies on hand on December 31, 2024. The one-year insurance policy was purchased on March 1, 2024. 3. Depreciation expense for the year is $10,000 for the equipment and $5,100 for the furniture. Accrued interest expense at December 31, 2024, is $655. Unearned revenue of $985 is still unearned at December 31, 2024. On the amount that was earned, cost of goods sold was $1,770. A physical count of merchandise inventory indicates $33,400 on hand on December 31, 2024. Monty Enterprises uses the perpetual inventory system and the earnings approach. 1. 2. 4. 5. 6. N 7. (a) Your answer is partially correct. Prepare the adjusting 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. List all debit entries before credit entries)