K M 1 XYZ Inc Trial Balance as of 1/1/18 Dr Cr Adjustments 1/31/18 Dr CF 2 Acct Account Title Adjusted Trial Balance Dr Income Statement GT Balance Sheet Dr 3 1001 Cashi 24,000 4 1002 Supplies 3,000 5 1003 Prepaid Insurance 1,000 6 1004 Equipment 3.500 7 1005 Accumulated Depreciation 8 2001 Notes Payable 3.500 9 2002 Accounts Payable 4,000 10 2003 Uneared Service Revenue 11 2050 Common Stock 20,000 12 3000 Service Revenue 7,500 13 4000 2,500 14 4100 Salary & Wage Expense Rent Expense TOTALS 1,000 15 35,000 35,000 16 17 18 19 20 21 22 NET INCOME 23 TOTALS 24 25 ADJUSTING ENTRIES TO BE MADEAS OF 1/31/18 25 ) On January 31st 2018 XYZ took inventory and found supplies on hand to be $1,000 27 b) On January 25th XY2 received $3.500 in cash for 20 pairs of Nike Air Jordans to be delivered on 3/15/18 28 c) On January 23rd XYZ recorded $1,250 in Accounts Payable, but was actually Salaries & Wapes Payable 29 d) On January 28th the insurance company sent a letter stating that the insurance is worth $700 as of 1/31/18 30 ) On January 1st purchased computer equipment for $3,500 to be depreciated for 2 months at $500 per month