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[The following information applies to the questions displayed below.] North Star prepared the following unadjusted trial...

[The following information applies to the questions displayed below.]

North Star prepared the following unadjusted trial balance at the end of its second year of operations ending December 31.
  Account Titles Debit Credit
  Cash $ 12,900
  Accounts Receivable 6,900
  Prepaid Rent 2,580
  Equipment 21,900
  Accumulated Depreciation—Equipment $ 1,090
  Accounts Payable 1,090
  Income Tax Payable 0
  Common Stock 25,700
  Retained Earnings 3,000
  Sales Revenue 52,700
  Salaries and Wages Expense 25,900
  Utilities Expense 13,400
  Rent Expense 0
  Depreciation Expense 0
  Income Tax Expense 0
     Totals $ 83,580   $ 83,580
Other data not yet recorded at December 31:
a. Rent expired during the year, $1,290.
b. Depreciation expense for the year, $1,090.
c. Utilities owing, $9,900.
d. Income tax expense, $480.

Required information

3.

Summarize the adjusting journal entries in T-accounts. After entering the beginning balances and computing the adjusted ending balances, prepare an adjusted trial balance as of December 31.

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ekkarill92 answered 2 years ago
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