Section C: Long Exercises (20 Marks) C1 - The trial balance of Smith Company at December 31, 2019 is shown below. [SK2: 10 marks Credit Smith Company Trial Balance December 31, 2019 Accounts Debit Cash 75,000 Prepaid Insurance 165.000 Supplies 62.500 Equipment 1.800.000 Accumulated Depreciation - Equipment Notes Payable Accounts Payable Smith, Capital Smith, Drawings 180,000 Service Revenue Utilities Expense 30,000 Total 2,332,500 337,500 300,000 180,000 1.147.500 367,500 2,332,500 Other information: 1. Depreciation of equipment for December was $30,000. 2. Rent owed for the month of December but will not be paid until January, 2020 was $45.000 3. The amount of insurance that expired in the month of December was $15,000. 4. Salaries owed for the month of December but will not be paid until January, 2020 was $60,000. 5. A physical count of supplies indicates $22,500 on hand at December 31 Required: a. Prepare the adjusting entries required on December 31, 2019. (5 marks) b. Prepare the adjusted trial balance on December 31, 2019