Trial Balance and Adjusting Entries Photomake, Inc., a commercial photography studio, has just completed its first full year of operations on December 31. The general ledger account balances before year-end adjustments follow. No adjusting entries have been made to the accounts at any time during the year. Assume that all balances are normal. Cash $3,010 Accounts Payable $2,674 Accounts Receivable 5,320 Unearned Photography Fees 3,640 Prepaid Rent 17,640 Common Stock 33,600 Prepaid Insurance 4,158 Photography Fees Earned 48,272 Supplies 5,950 Wages Expense 15,400 Equipment 31,920 Utilities Expense 4,788 An analysis of the firm's records discloses the following items: 1. Photography services of $1,295 have been rendered, but customers have not yet been billed. The firm uses the account Fees Receivable to reflect amounts due but not yet billed. 2. The equipment, purchased January 1, has an estimated life of 10 years. 3. Utilities expense for December is estimated to be $560 but the bill will not arrive until January of next year. 4. The balance in Prepaid Rent represents the amount paid on January 1, for a 2 year lease on the studio. 5. In November, customers paid $3,640 in advance for pictures to be taken for the holiday season. When received, these fees were credited to Unearned Photography Fees. By December 31, all fees are earned. 6. A 3 year insurance premium paid on January 1, was debited to Prepaid Insurance. 7. Supplies on hand at December 31 are $3,010 8. At December 31, wages expense of $525 has been incurred but not paid.