Help Save & Exit Submit Use the unadjusted trial balance of Electric Bike on December 31, 2020. Credit Debit 7.500 22.065 34.000 2,115 935 4,855 67,890 $ 13,055 7,400 0 160,885 Cash Accounts receivable Merchandise inventory Store supplies office supplies Prepaid insurance Equipment Accumulated depreciation, equipment Accounts payable Salaries payable Braeden Li, capital Braeden Li, withdrawals Interest income Sales Sales returns and allowances Cost of goods sold Salarios expense Rent expense Supplies expense Depreciation expense, equipment Insurance expense Totals 59,000 250 526,000 4, 470 380,560 95,700 28,500 0 0 $707,590 $707,590 Required: 1. Record adjusting entries for the following information. a. The records show that the equipment was estimated to have a total estimated useful life of 10 years with a residual value at the end of its life of $13,890. b. The balance in the Prepaid Insurance account was reviewed and it was determined that $335 was unused at December 31, 2020 c. A review of the store supplies on December 31, 2020, revealed a balance on hand of $1,820; a similar examination of the office supplies showed that $720 had been used. 5 of 12 Next >