ADJUSTING ENTRIES TO BE MADE AS OF 1/31/23 a) On January 31st 2023 XYZ took inventory and found supplies on hand to be $1,000 b) On January 25th XYZ received $3,500 in cash for 20 pairs of Nike Air Jordan's to be delivered on 3/15/23 c) On January 23rd XYZ recorded $1,250 in Accounts Payable, but was actually Salaries & Wages Payable d) On January 28th the insurance company sent a letter stating that the insurance is worth $700 as of 1/31/23 e) On January 1st, purchased computer equipment for $3,500 to be depreciated for 7 months at $500 per month. Trial Balance as of 1/1/23 Adjustments Account Title Dr Cr Dr Cr Cash $ 24,000 $ 3,500 Supplies $ 3,000 $ 2,000 Prepaid Insurance $ 1,000 $ 300 Equipment $ 3,500 Accumulated Depreciation $ 500 Notes Payable $ 3,500 Accounts Payable S 4,000 $ 1,250 Salary & Wages Payable $ 1.250 Unearned Service Revenue $ 3,500 Common Stock $ 20,000 Service Revenue $ 7.500 Salary & Wage Expense $ 2,500 Rent Expense $ 1,000 Change in inventory $ 2,000 Depreciation Expense $ 500 Insurance Expense $ 300 $ 35,000 $ 35,000 $ 7,550 $ 7,550 Question 2 2.67 pts Based on #1 above, calculate the new Adjusted Trial Balance. XYZ Inc Adjusted Trial Balance Account Title Dr Cr Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation Notes Payable Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salary & Wage Expense Rent Expense TOTALS D Question 3 2.67 pts Jtilizing the adjusted Trial Balance calculated from #2 above, generate an Income Statement and Balance Sheet. XYZ Inc Income Statement Balance Sheet Account Title Dr Cr Dr Cr Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation Notes Payable Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salary & Wage Expense Rent Expense TOTALS NET INCOME ADJUSTED TOTAL