Background Information Performance Task 5 requires you to complete the accounting cycle for Sonic Electronix, a merchandising company. The company sells electronic equipment such as DVD players, MP4 players, digital cameras, eReaders, TVs, and computer hardware. The company uses a periodic inventory system. The Task You have been retained by M. Lemieux, the manager of Sonic Electronix, to com- plete the end-of-month accounting tasks for the month of May. There are four parts to this task: 1. The May 31 trial balance is shown below. Prepare the adjustments and complete the work sheet for May using the following information: Equipment depreciates 20 percent per year. One month of the 12-month insurance policy has expired. The 12-month cost is $3600. At the end of the month, there is $585 worth of supplies on hand. Salaries of $4000 are owed to employees. The ending merchandise inventory is $145 000.