infile.php/2160103/mod_resource/content/0/Midterm%201%20File%20-%20ACCT%202210%20-%20Neal%20Sengupta.pdf Neal Sengupta.pdf 100% Question 3: Chicoutimi Limited - 25 minutes (20 marks) Chicoutimi Limited, located north of Qubec City, has a September 30 fiscal year- end. As at this date in 2021, they prepared their unadjusted trial balance as follows: Chicoutimi Limited Unadjusted Trial Balance As At September 30, 2021 Credit Debit $ 5,675 2,900 12,400 54,000 Cash Supplies Prepaid insurance. Machinery ........ Accumulated depreciation - Machinery. Accounts payable Unearned revenue Common shares Retained earnings Rent revenue... Insurance expense Salaries expense Depreciation expense.. Supplies expense Total $ 1,350 2,100 1,750 38,000 28,765 7,360 2,000 1,000 1,350 $77.125 $77.125 The following is also noted for Chicoutimi: (a) The actual supplies on-hand at year-end (revealed by an inventory count) is $1,300. (b) The prepaid insurance in the unadjusted trial balance was part of a 3-year policy bought for $14,400 on April 1, 2021. (c) The machinery was bought on June 1, 2021 for $54,000 and had an estimated useful life of 10 years as at this date. Depreciation is taken on a straight-line basis, starting on the date of purchase. (d) Income tax of $1,000 is owed