Adjustments Adjusted Trial Balance debit credit debit credit debit Cash PROBLEM #3 24 pts Strand Corp had the following: Unadjusted Trial Bal. credit $150,000 Common Stock $110,000 Unearned Revenue $20,000 Sales/Revenues $380,000 Equipment $235,000 Accum Deprec $30,000 Wage exp $50,000 Utilities exp $10,000 Rent exp $23,000 Cost of Goods Sold $121,000 Accounts payable $10,800 Supplies $37,000 Accounts receivable $75,000 Note payable $100,000 Retained earnings $55,000 Prepaid insurance $4,800 Insurance exp Bad Debt exp Depreciation exp Interest exp Accrued Interest payable Supplies exp Total $705,800 $705,800 REQUIRED: (BE SURE TO NUMBER YOUR ADJUSTMENTS) Based on the following info, make the necessary adjustments to the Worksheet and prepare an Adjusted Trial Balance, with final totals 1. Prepaid insurance represents 6mths, 4mths have expired 2. Estimated bad debts = 1.5% of gross sales 3. Depreciation on equipment = 15% 4. Interest at 5% has not been accrued for 7mths 5. 50% of the unearned revenue has been earned 6. The balance in supplies at the end of the period = $10,000 NOTE: show all your work for credit