Using the following unadjuste the adjusted trial balance. sting and Closing Unadjusted Trial Balance December 31 2018 Accounts Debit 5,000 Credit Cash and Bank Accounts Receivable 2,500 1,000 14,600 75,000 Prepaid Insurance Inventory Office Building (at cost) Accumulated Depreciation -Office Building Office Equipment (at cost) Accumulated Depreciation- Office Equipment Accounts Payable Unearned Sales Revenue Taxes Payable Notes Payable 15,000 30,000 9,000 3,250 3,000 1,200 12,000 10,000 30,000 136,500 5,200 Common Stock Retained Earnings Sales Revenue Rent Revenue 75,600 16,750 3,500 1,200 225,150 Cost of Goods Sold Salaries and Wages Expense Insurance Expense Utilities Expese 225,150 Total The trial balance has to be adjusted for the following transactions: 1. Office building and office equipment has to be depreciated at 20% and 10 %, respectively, of their original cost. 2. As of 31 December 2018, salaries payable amounted to $ 3,250. 3. Of the unearned sales revenue balance, $ 2,000 was earned by 31t December 2018. The balance was earned in the month of January 2019 4. The firm paid for fire insurance $ 1,000 during the year for 5 months starting December 2018. The entry passed at the time of payment was: Workout Problems Question 1 (15 points) Prepare the balance sheet of Delta Corporation using the following trial balance as of 31 December 2019 Delta Corporation Adjusted Trial Balance December 31st 2019 Accounts Credit Debit Cash and Cash Equivalents Accounts Receivable 20,000 25,000 Supplies Office Building Accumulated Depreciation -Office Building Machinery Accumulated Depreciation - Machinery Accounts Payable Wages Payable Taxes Payable Notes Payable 40,350 120,000 24,000 50,000 45,000 35,200 24,150 10,000 60,000 15,000 42,000 255,350 Common Stock Retained Earnings 255,350 Total Solution