Accounting Cycle- Adjustment and Closing Problems You are hired by The Company Inc. to take over the accounting. In your initial management you discover that the previous accountant made some errors or left unchecked (enter journal) and move (hosting) certain adjustments. Below, we present the adjusted trial balance (trial balance balance) of the Company as of December 31. 2017 prepared by the previous accountant. The Company, Inc. Adjusted Verification Balance December 31, 2017 Cash Accounts Receivable I will pay to collect Inventory Guaranteed Prepaid Insurance Team Trucks Accumulated depreciation-trucks Land Accounts Payable Contribution on income payable (30%) Loans payable (9% 10 years) Common shares, par $ 10 (20,000 outstanding) Capital in excess of the par value of Retained eamings Sales (60% credit) Cost of Seles Salary Expenses Sales expense Income Tax Expense Maintensnce cost $ 17,800 84,000 6,000 120,000 2,400 300,000 100,000 $ 90,000 84,000 23.000 31.280 100,000 200,000 120,000 37,000 300,000 100,000 50,000 5,800 31.280 40,000 Totals $ 901.280 s 901,280 Accounting Cycle- Adjustment and Closing Problems You are hired by The Company Inc. to take over the accounting. In your initial management you discover that the previous accountant made some errors or left unchecked (enter journal) and move (hosting) certain adjustments. Below, we present the adjusted trial balance (trial balance balance) of the Company as of December 31. 2017 prepared by the previous accountant. The Company, Inc. Adjusted Verification Balance December 31, 2017 Cash Accounts Receivable I will pay to collect Inventory Guaranteed Prepaid Insurance Team Trucks Accumulated depreciation-trucks Land Accounts Payable Contribution on income payable (30%) Loans payable (9% 10 years) Common shares, par $ 10 (20,000 outstanding) Capital in excess of the par value of Retained eamings Sales (60% credit) Cost of Seles Salary Expenses Sales expense Income Tax Expense Maintensnce cost $ 17,800 84,000 6,000 120,000 2,400 300,000 100,000 $ 90,000 84,000 23.000 31.280 100,000 200,000 120,000 37,000 300,000 100,000 50,000 5,800 31.280 40,000 Totals $ 901.280 s 901,280