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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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