The unadjusted trial balance of Pina Colada Enterprises for the year ending December 31, 2021, follows: Credit $35,000 PINA COLADA ENTERPRISES Trial Balance December 31, 2021 Debit Cash $15,000 Accounts receivable 19,200 Merchandise inventory 37,050 Prepaid insurance 3,000 Supplies 2,950 Equipment 150,000 Accumulated depreciation-equipment Furniture 45,000 Accumulated depreciation-furniture Accounts payable Unearned revenue Mortgage payable S. Kim, capital S. Kim, drawings 48,000 Sales Sales returns and allowances 2,500 Sales discounts 3,275 Cost of goods sold 153,000 Interest expense 6.875 18,000 33,200 4,000 125,000 46,200 265,000 90.000 265,000 S. Kim, drawings Sales Sales returns and allowances Sales discounts Cost of goods sold Interest expense Salaries expense Utilities expense 2,500 3,275 153,000 6,875 35,450 5.100 $526,400 $526,400 Additional information: 1. 2 3 4. . There is $760 of supplies on hand on December 31, 2021 The one-year insurance policy was purchased on March 1, 2021 Depreciation expense for the year is $10,800 for the equipment and $4,500 for the furniture Accrued interest expense at December 31, 2021. is $800. Unearned revenue of $900 is still uncarned at December 31, 2021. On the sales that were earned cost of goods sold was $2,050 A physical count of merchandise inventory indicates $32,350 on hand on December 31, 2021, Global uses the perpetual inventory system and the earnings approach 7. 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 for the earch PINA COLADA ENTERPRISES Income Statement For the Year Ended December 31, 2021 $ o > > > Prepare a single-step income statement (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45) PINA COLADA ENTERPRISES ch PINA COLADA ENTERPRISES Income Statement For the Year Ended December 31, 2021 $ > > $ 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 for the amounts) Date Account Titles and Explanation Debit Credit Dec. 31 (To close income statement account with credit balance.) Dec. 31 > > > o (To close income statement accounts with debit balances.) Dec. 31 1 (To close Income Summary account.) Dec 31 (To close drawings account.) Attempts:0 of 3 used Subenit Answer Sarve for later