XYZ Corporation Account Balances as of March 31, 2024:

Account	Amount
Cash	$10,000
Accounts Receivable	$15,000
Inventory	$30,000
Accounts Payable	$12,000
Wages Payable	$4,000
Machinery	$50,000
Accumulated Depreciation	$8,000
Bonds Payable	$25,000
Common Stock	$25,000
Retained Earnings	$31,000

Requirements:

1. Prepare a trial balance.
2. Record adjusting entries for the following:
   • Depreciation expense: $4,000
   • Wages expense: $5,000
3. Create an adjusted trial balance.
4. Draft a balance sheet.
5. Explain the significance of maintaining accurate financial records.