Use the unadjusted trial balance of Electric Bike on December 31, 2020.

	Debit			Credit
Cash	$	8,200
Accounts receivable		22,765
Merchandise inventory		34,700
Store supplies		2,465
Office supplies		785
Prepaid insurance		3,355
Equipment		75,590
Accumulated depreciation, equipment				$	13,755
Accounts payable					8,100
Salaries payable					0
Braeden Li, capital					170,715
Braeden Li, withdrawals		62,500
Interest income					320
Sales					529,500
Sales returns and allowances		5,170
Cost of goods sold		381,260
Salaries expense		96,400
Rent expense		29,200
Supplies expense		0
Depreciation expense, equipment		0
Insurance expense		0
Totals	$	722,390		$	722,390

Required: 1. Record adjusting entries for the following information.

1. The records show that the equipment was estimated to have a total estimated useful life of 10 years with a resale value at the end of its life of $14,590.
2. The balance in the Prepaid Insurance account was reviewed and it was determined that $260 was unused at December 31, 2020.
3. A review of the store supplies on December 31, 2020, revealed a balance on hand of $2,030; a similar examination of the office supplies showed that $645 had been used.
4. Accrued salaries payable, $1,850.
5. A count of the merchandise inventory revealed a balance on hand December 31, 2020, of $33,890.