The first spreadsheet below provides the balances in Takhini Inc.’s accounts on December 31, 2014, before and after the adjusting entries have been made.

Required

Reconstruct the adjusting entries that were made to Takhini Inc.’s spreadsheet on December 31, 2014.

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Assets Liabilities P3-20. Interest Supplies Advances Transaction Cash receivable inventory to employees Accounts Customer Utilities payable desposits Payable Balance before adjusting entries $30,000 $0 $22,000 $13,000 $8,000 $118,000 Balance after adjusting entries $30,000 $8,000 $10,000 $2,000 $8,000 $70,000 $5,000