Working Backward From Adjusted Trial Balance To Determine Adjusting Entries The partial spreadsheet shown below is taken from the books of Sunstate Computer Supply, a business owned by Michelle Thibeault, for the year ended December 31, 20-- Sunstate is on the periodic inventory system. Required: 1. Determine the adjusting entries by analyzing the difference between the adjusted trial balance and the trial balance. Sunstate Computer Supply End-of-Period Spreadsheet For Year Ended December 31, 20-- TRIAL BALANCE DEBIT CREDIT ADJUSTMENTS DEBIT CREDIT ADJUSTED TRIAL BALANCE DEBIT CREDIT ACCOUNT TITLE Cash 22,000 Accounts Receivable 22,000 15,400 93,500 4,730 15,400 82,500 3,520 Merchandise Inventory Estimated Returns Inventory Supplies 8,800 3,630 Prepaid Insurance 5,940 4,180 Land 143,000 143,000 Building 275,000 0 93,500 4,730 0 0 0 0 110,000 0 0 44,000 0 10,5600 3,850 0 0 0 82,500 / 3,520 5,170 1,760 0 0 13,750 0 5,500 0 2,420 / 3,850 275,000 Accumulated Depreciation-Building 123,750 Store Equipment 110,000 110,000 Accumulated DepreciationStore Equipment Accounts Payable Customer Refunds Payable 49,500 10,560 6,270 3,850 6,490 Wages Payable Sales Tax Payable 6,490 Unearned Rent Revenue 9,790 4,840 0 4,950 M. Thibeault, Capital 312,741 312,741 M. Thibeault, Drawing 28,600 28,600 82,500 Income Summary 93,500 3,520 4,730 Sales 577,654 Sales Returns and Allowances 15,950 18,370 Rent Revenue 4,840 82,500 93,500 3,520 / 4,730 577,6540 0 2,420 D O 104,840 0 0 1,540 0 0 1,980 0 0 0 0 3,850 0 Purchases 137,500 137,500 Purchases Returns and Allowances 1,540 Purchases Discounts 1,980 Freight-In 2,310 Wages Expense 137,500 2,310 141,350 14,300 Advertising Expense 14,300 Supplies Expense 5,170 Phone Expense 1,485 1,485 Utilities Expense 8,800 8,800 Insurance Expense 5,170 0 0 0 0 ODO 1,7600 13,7500 5,500 0 0 x Depreciation Expense-Building Depreciation Expense-Store Equipment 1,760 13,750 5,500 66,000 1,202,355 Rent Expense 66,000 1,078,605 1,078,605 1,202,355 684,244 502,315 181.929 Net Income