JKL Corporation Account Details as of November 30, 2024:

• Cash: $16,000
• Accounts Receivable: $20,000
• Inventory: $28,000
• Accounts Payable: $11,000
• Interest Payable: $2,000
• Equipment: $45,000
• Accumulated Depreciation: $13,000
• Notes Payable: $25,000
• Common Stock: $40,000
• Retained Earnings: $30,000

Requirements:

1. Prepare a trial balance.
2. Record adjusting entries for the following:
   • Depreciation expense: $2,800
   • Interest expense: $1,500
3. Prepare an adjusted trial balance.
4. Prepare a balance sheet.
5. Explain the importance of accurate financial reporting.