Baltimore Corporation Unadjusted Trial Balance January 31, 2016 Debits Credits Cash $25,100 $- Accounts receivable 33,650 - Prepaid insurance 1,200 - Supplies inventory 5,890 - Equipment 48,000 - Accumulated depreciation - 9,600 Accounts payable - 7,569 Salaries payable - - Interest payable - - Unearned revenue - 7,500 Loan payable - 12,500 Capital stock - 25,000 Retained earnings, Jan. 1 - 38,158 Revenues - 43,995 Depreciation expense - - Interest expense - - Insurance expense - - Office expense 2,860 - Rent expense 11,500 - Salary expense 16,122 - Supplies expense - - Utilities expense - - $144,322 $144,322 "Baltimore Corporation's equipment had an original life of 10 years, and the straight-line depreciation method is used. " "As of January 1, the equipment was 2 years old. The equipment will be worthless at the end of its useful life. " The total depreciation for the month should be $400. (48,0000 divided by 120 months) "As of the end of the month, Baltimore Corporation has provided services to customers for which the earnings process is complete. " "Formal billings are normally sent out on the first day of each month for the prior month's work. January's unbilled work is $20,000. " "Utilities used during January, for which bills will soon be forthcoming from providers, are estimated at $1,800. " "A review of supplies on hand at the end of the month revealed items costing $3,500. " "The $1,200 balance in prepaid insurance was for a 6-month policy running from January 1 to June 30. " "The unearned revenue was collected in December of 2014. 60% of that amount was actually earned in January, with the remainder to be earned in February. " "The loan accrues interest at 1% per month. No interest was paid in January. " At month end, salaries of $2,620 have been earned but not paid.