Use the ADJUSTED TRIAL BALANCE columns (see updated answers on Canvas) To prepare formal financial statements WITH PROPER HEADERS on each Income Statement Statement of Retained Earnings (classified) Balance Sheet These will be graded for correctness. UB Copy v Format BI UE A Merg fx Spring 2021 New balances in T-accounts AFTER closing entries are written & posted Post Closing trial balance DEBIT CREDIT Balances in T-accounts BEFORE adjusting entries are written & posted Account titles Unadjusted Trial Balance DEBIT CREDIT Cash 64,440 Accounts Receivable 17,000 Supplies 4,030 Prepaid Insurance 3,600 Prepaid Rent 9,600 Equipment 26,500 Accumulated Deprec Accounts Payable 1,900 Notes Payable 24,000 Interest Payable Income Taxes Payable Salaries Payable Unearned Service Revenue 2,500 Common Stock 76,300 Retained Earnings 2,430 Dividends Service Revenue 46,340 Supplies Expense Depreciation Expense Insurance Expense Salaries Expense 26,400 Advertising Expense 1,900 Income Tax Expense Interest Expense Rent Expense Utilities Expense 153,470 153,470 Trial Balances New balances in Taccounts AFTER adjusting entries are written & posted Adjusted trial balance DEBIT CREDIT 64,440 17,000 530 3,300 4.800 26,500 552 2.680 24,000 80 1,606 2,500 76,300 2,430 46,340 3,500 552 300 26,400 1,900 1,606 80 4.800 780 156,488 156.488