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The trial balance of XYZ CO contained the following accounts at 31/12/2019 the end of the company's fiscal year. XY Z CO Trial Balance 31/12/2019 Debit Credit Cash 28,700 Accounts Receivable 33,700 Inventory 45,000 Supplies 5,500 Equipment 133,000 Accumulated Depreciation-Equipment 24,000 Notes Payable 51,000 Accounts Payable 48,500 Share Capital-Ordinary 90,000 Retained Earnings 8,000 Sales Revenue 757,200 Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 140,000 Advertising Expense 26,400 Utilities Expense 14,000 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 24,000 978,700 978,700 Adjustment data: 1. Supplies on hand total 1,500. 2. Depreciation is 15,000 on the equipment. 3 Interest of 11,000 is accrued on notes payable at 31/12/2019. Other data: 1. Salaries and wages expense is 70% selling and 30% administrative. 2. Rent expense and utilities expense are 80% selling and 20% administrative. 3. 30,000 of notes payable are due for payment next year. 4. Maintenance and repairs expense is 100% administrative. Instructions a. Journalize the adjusting entries. b. Prepare an adjusted trial balance. c. Prepare an income statement and retained earnings statement for the year and a classified statement of financial position as of 31/12/ 2019

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