Problem 2 Below are balances from the books of Positive Inc. before the year end adjusting entries were prepared. Assets $650,000 Liabilities $450,000 Revenues $300,000 Determine the balances after the preparation of adjusting entries: 1. Supplies on hand on January 1, were $10,000; additional supplies purchased during the year were $5,000. A physical count of supplies on December 31, indicated $3,000 of supplies on hand 2.3/4th of the work related to an advance payment of $12,000 received from a client had been performed 3. Weekly salaries of all employees are $30,000 and are paid on a Friday for work done Monday through Friday. December 31, falls on a Thursday and employees will not be paid until January 1, of the following year 4. Positive Company had performed services for a client, in the amount of $8,000, payment to be received in the following accounting period 5.Depreciation on Equipment $10,000 6. Positive Company had received a bill in the amount of $6,000 for property taxes for the current year. This bill was not due until the March 31, of the following year. Expenses $250,000 Net Income $50,000 Equity 200,000