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Question 2 of 7 6.45 / 10 View Policies Show Attempt History Current Attempt in Progress Sunshine Company began operations on January 1, 2020. In its first year, the following transactions occurred: 1. Issued common shares for $308,000 cash. 2. Borrowed $64,000 from the bank for a five-year term. 3. Purchased equipment for $202,000 cash. 4. Purchased supplies, on account, for $6,000. 5. Sales on account amounted to $106,000. 6. Collected $82,000 from customers for services provided. 7. Paid wages of $31,000 to employees. 8. Paid $21.500 for utilities (telephone, electricity, heat, & water). Assignment 3 Question a part 1 For Sunshine Company, the following adjustments are required prior to them being able to prepare financial statements for the year ended December 31, 2020 1. The bank loan was taken out on January 1st and has an interest rate of 8%. Interest is due January 1st of the following year. 2. The equipment was purchased on January 1st and has an estimated useful life of 10 years and a residual value of $12,500. The company uses the straight-line depreciation method. 3. Wages in the amount of $1,500 were owed at year end. 4. Rent in the amount of $11,000 was due at year end but was not recorded or paid, 5. A physical count at year end revealed that only $1,700 of the supplies remained on hand. Prepare the necessary adjusting journal entries to record each of the above adjustments. (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 o fog the amounts.) Question d Part 3 3 No. Account Titles and Explanation Debit Credit 1. Interest Expense 5120 Accru 5120 2. Depreciation Expense 18950 Accumulated Depreciation 18950 3. Salaries & Wages Expense 1500 Salaries & Wages Payable 1500 Rent Expense 11000 Accrued Liabilities 11000 5. Office Supplies 4300 Supplies 4300 Question a Part 3 3 Your answer is partially correct. Prepare an Adjusted Trial Balance. (Do not list those accounts that have zero ending balance.) Sunshine Company Adjusted Trial Balance December 31, 2020 Dehli Credit 308000 Common Stock 4500 Notes Payable 6-1000 202000 Cash 202000 Sapple 6000 Account Pays 6000 Accountable 106000 Cash 82000 Accounts Receivable 12000 Salaries and Wapes Expense 31000 Cash 31000 21500 Cash 21500 Totals 50