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Use the following account information and consider the adjustment data provided (assume accounts have normal balances). Equipment was recently purchased, so there is neither depreciation
Use the following account information and consider the adjustment data provided (assume accounts have normal balances). Equipment was recently purchased, so there is neither depreciation expense nor accumulated depreciation. Accounts Payable $10,500 Accounts Receivable 14,260 Cash 22,222 Common Stock 35,000 Dividends 5,000 Equipment 12,000 Prepaid Insurance 25,444 Land 20,000 Notes Payable 27,000 Retained Earnings 14,815 Insurance Expense 12,689 Service Revenue 80,050 Supplies 2,750 Salaries Expense 53,000 Adjustments needed: Salaries due to employees, but unpaid at the end of the period, $4,000. Insurance still unexpired at end of the period, $12,000. Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank. Adjusted Trial Balance
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