Problem 5-5B Objective: To complete a work sheet and the work of the accounting cycle Account balances of Shields Enterprises appear as follows on December 31, 20X0: Number Account Title Balance 111 Cash $30,350 112 Accounts Receivable 4,000 113 Office Supplies 17,640 114 Store Supplies 15,110 115 Delivery Supplies 26,500 116 Prepaid Insurance 24,000 117 Office Equipment 45,000 117.1 Accumulated Depreciation Office Equipment 22,500 118 Store Equipment 65,000 118.1 Accumulated Depreciation Store Equipment 26,000 119 Truck 30,000 119.1 Accumulated Depreciation-Truck 15,000 211 Accounts Payable 37,500 212 Salaries Payable 311 Pam Shields, Capital 38,200 Pam Shiel g 21,100 Fees Earned 351,500 511 RentExpense Tr'NO'Y'\(5u 12,000 512 Salaries Expense th 200,000 513 Office Supplies Expense 514 Store Supplies Expense 515 Delivery Supplies Expense 516 Insurance Expense ...p2 -- 516 517 518 519 Insurance Expense Depreciation Expense-Office Equipment Depreciation Expense-Store Equipment Depreciation Expense-Truck Adjustment data: (a) Office supplies on hand, $2,510. (b) Store supplies on hand, $10,140. (c) Delivery supplies on hand, $20,900. (d) Depreciation of office equipment, $4,500. (e) Depreciation of store equipment, $6,500. (1) Depreciation of truck, $7,500. (g) Insurance expired, $4,000. (h) Salaries unpaid, $5,000. REVIEW, PRACTICE, AND APPLY Directions: 1. Prepare a work sheet for the year ended December 31, 20X0. 2. Prepare an income statement for the year ended December 31, 20X0. 3. Prepare a statement of owner's equity for the year ended December 31, 20X0. 4. Prepare a December 31, 20X0 balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries