Case Study on Adjusting Accounts For Financial Statements Unadjusted Trial Balance (as of December 31, Case Study: XYZ Consulting Services XYZ Consulting Services operates on an accrual accounting basis. The fiscal year ends on December 31. The company's bookkeeper has provided you with the unadjusted trial balance as of December 31, 2023. Additional Information: 1) The company signed a one-year lease for office space on January 1, 2023, and paid $12,000 upfront for rent, Record monthly rent expense. 2) The supplies on hand amount to $800. 3) Depreciation on equipment is $5,000 per year. 4) Services worth $5,000 were performed but not yet billed. 5) Unearned revenue represents cash received for services not yet provided. Depreciation- Equipment Accounts Payable 2023) Account Debit (5) Credit (5) Cash 25,000 Accounts Receivable 15,000 Supplies 2,000 Prepaid Rent 12,000 Equipment 50,000 Accumulated 5,000 8,000 Unearned Revenue 4,000 Common Stock Retained Earnings 30,000 5,000 Service Revenue 40,000 Salaries Expense 15,000 Utilities Expense 2,000 * Prepare common adjusting entries. * Prepare an adjusted trial balance. * Prepare financial statements from an adjusted trial balance. * Adjust prepaid and unearned revenues using an alternate rethod.