Ken Hensley Enterprises, Incorporated, is a small recording studio in St. Louis. Rock bands use the studio to mix high-quality demo recordings distributed to talent agents. New clients are required to pay in advance for studio services. Bands with established credit are billed for studio services at the end of each month. Adjusting entries are performed on a monthly basis. Below is an unadjusted trial balance dated December 31 of the current year. (Bear in mind that adjusting entries have already been made for the first 11 months, but not for December.) KEN HENSLEY ENTERPRISES, INCORPORATED UNADJUSTED TRIAL BALANCE DECEMBER 31, CURRENT YEAR Cash $ 51,804 Accounts receivable 97,680 Studio supplies 9,120 Prepaid insurance 600 Prepaid studio rent 4,800