Please create an adjusted balance. Entries, Tri

Additional information for accounting adjustments

Equipment has a total estimated useful life of $14$ years and an estimated residual value of $$80,000.$ Milwau$-$

kee Corp. uses straight$-$line depreciation and accounts for depreciation expense as a general and administra$-$

tive expense.

The company estimates an increase in Allowance for Doubtful Accounts of $$9\mathrm{.}000$ is required to recognize

accounts receivable of $$60,000$ at the net amount expected to be collected.

The note payable requires $8\%$ interest to be paid semiannually, every October $1$ and April $1.$

$$5,000$ of salaries were earned in December but not recorded or paid.

Internet expense represents a payment made on January $2$ for two years of internet services $($this year and

next year$).$

Insurance expense represents payment made for a one$-$year policy, paid June $30.$ Coverage begins on that

date.

Subscription revenue represents cash received for a one$-$and$-$one$-$half$-$year subscription to a journal pub$-$

lished by Milwaukee Corp. The subscription period begins July $1.$