D Question 1 2.66 pts 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 XYZ Inc Adjustments 1/1/23 Account Title Dr Cr Dr Cr Cash 24,000 Supplies 3,000 Prepaid Insurance 1,000 Equipment 3,500 Accumulated Depreciation Notes Payable 3,500 Accounts Payable 4,000 Unearned Service Revenue Common Stock 20,000 Service Revenue 7.500 Salary & Wage Expense 2,500 Rent Expense 1,000 TOTALS 35,000 35,000 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 Utilizing 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 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