North Star prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. Credit Debit $11,500 5,500 2,300 20,500 $ 1,150 1,150 Account Titles Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Income Tax Payable Common Stock Retained Earnings Sales Revenue Salaries and Wages Expense Utilities Expense Rent Expense Depreciation Expense Income Tax Expense 24,300 1,600 48,100 24,500 12,000 Totals $76,300 $76,300 Other data not yet recorded at December 31: a. Rent expired during the year. $1,150. b. Depreciation expense for the year, $1,150. c Utilities used and unpaid, $8,500. d. Income tax expense, $340. 3. Summarize the adjusting journal entries in T-accounts. After entering the beginning balances and computing the adjusted ending balances, prepare an adjusted trial balance as of December 31 Prepaid Rent Beg. Bal. Beg. Bal. Rent Expense 0 1,150 L 1,150 (a) End. Bal. 1,150 End. Bal. 1,150 Accumulated Depreciation Depreciation Expense Beg. Bal. Beg. Bal. (b) 1,150 (b) 1,150 End. Bal. 1,150 End. Bal. 1.150 Beg. Bal. Accounts Payable 1,150 8,500 (c) Beg Bal. Utilities Expense 12,000 8,500 End. Bal. 9,650 End. Bal. 20,500 Income Tax Payable Income Tax Expense Beg. Bal. Beg Bal. 340 (d) 340 End. Bal. 340 End. Bal. 340 Prev 4