Preparing Accounting Adjustments Powell Photomake Company, a commercial photography studio, completed its first year of operations on December 31. Account balances before year-end adjustments follow; no adjustments have been made to the accounts at any time during the year. Assume that all balances are normal. Cash $12,900 Accounts Payable 11,460 Accounts Receivable 22,800 Unearned Photography Fees 15,600 Prepaid Rent 75,600 Common Stock 144,000 Prepaid Insurance 17,820 Photography Fees Earned 206,880 Supplies 25,500 Wages Expense 66,000 Equipment 136,800 Utilities Expense 20,520 An analysis of the firm's records discloses the following (business began on January 1). Photography services of $5,550 have been rendered, but custo