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The trial balance of XYZ Corp. as of December 31, 2023, before adjustments, is as follows: Account Debit ($) Credit ($) Cash 15,000 Accounts Receivable

The trial balance of XYZ Corp. as of December 31, 2023, before adjustments, is as follows:

Account

Debit ($)

Credit ($)

Cash

15,000


Accounts Receivable

20,000


Inventory

25,000


Prepaid Insurance

3,000


Equipment

60,000


Accumulated Depreciation


10,000

Accounts Payable


12,000

Salaries Expense

18,000


Rent Expense

5,000


Sales Revenue


50,000

Cost of Goods Sold

30,000


Income Tax Expense

8,000


Additional adjustments:

  • Depreciation expense for the year was $10,000.
  • Accrued salaries expense at the end of the year amounted to $2,000.

Required:

  • Prepare an adjusted trial balance for XYZ Corp. as of December 31, 2023.

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