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c [The following information applies to the questions displayed below.] North Star prepared the following unadjusted trial balance at the end of its second year
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[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 Credit Debit $ 13,000 Cash Accounts Receivable 7,000 2,600 Prepaid Rent Equipment 22,000 Accumulated Depreciation. Accounts Payable $ 1,100 1,100 0 Income Tax Payable Common Stock Retained Earnings. 25,800 3,100 Sales Revenue 53,000 Salaries and Wages Expense Utilities Expense 26,000 13,500 Rent Expense 0 0 Depreciation Expense Income Tax Expense 0 Totals $ 84,100 $ 84,100 Other data not yet recorded at December 31: a. Rent expired during the year, $1,300. b. Depreciation expense for the year, $1,100. c. Utilities used and unpaid, $10,000. d. Income tax expense, $490. Post the beginning balances and adjusting entries to the following T-accounts. Prepaid Rent Debit Credit Beginning Balance Ending Balance Accumulated Depreciation Credit Beginning Balance Ending Balance 0 Accounts Payable Credit Beginning Balance Ending Balance 0 Debit Debit Rent Expense 0 Depreciation Expense 0 Utilities Expense Debit Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Credit Credit Credit Account Titles Totals NORTH STAR Adjusted Trial Balance $ Debit 0 $ Credit 0 Step by Step Solution
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