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Touchtone Talent Agency
Adjusted Trial Balace
31-Dec-15
Cash	$ 14,950.00
Fees receivable	$ 38,300.00
Prepaid rent	$ 600.00
Unexpired insurance policies	$ 4,250.00
Office supplies	$ 530.00
Office equipment (purchased 1/1/12)	$ 15,000.00
Accumulated depreciation: office equipment		$ 12,000.00
Accounts payable		$ 1,750.00
Notes Payable (Due 3/1/16)		$ 10,000.00
Income taxes payable		$ 3,900.00
Unearned agency fees		$ 5,500.00
Salaries payable		$ 1,360.00
Interest payable		$ 45.00
Common stock		$ 20,000.00
Retained Earnings		$ 10,800.00
Dividends	$ 800.00
Agency fees earned		$ 52,000.00
Telephone expense: office equipment	$ 525.00
Office Supply Expense	$ 3,000.00
Depreciation expense: office equipment	$ 1,500.00
Rent expense	$ 6,700.00
Insurance expense	$ 1,300.00
Salaries expense	$ 26,000.00
Income taxes expense	$ 3,900.00
Totals	$ 117,355.00	$ 117,355.00

Upon the audit of the above 2015 trial balance, you discover the following issues:

1. The company forgot to include an accrual for an employees's salary at the end of 2015. The company will have to pay $2,000 to employees during the first week in January 2016 for work performed during the last week in December.

2. The controller mistakenly recorded the purchase of a $1,800 computer with a 3-year life as an expense in 2014. (straigh-line depreciation)

3. On March 1, 2014, the company borrowed $10,000 by signing a 4-year 6% note payable. The note is a balloon loan with all interest and prinicipal due March 1, 2016. No interest was recorded for 2014 or 2015.

4. A five-year casualty insurance policy was purchased at the beginning of 2014 for $4,250. The amount was debited to unexpired insurance at the time.

5. The income tax rate is 30%