XYZ Corporation is a manufacturing company that operates on a calendar year basis. The company's accounting records show the following account balances as of December $31,2023,$ before any adjusting entries:

Cash: $$50,000$

Accounts Receivable: $$30,000$

Inventory: $$100,000$

Prepaid Insurance: $$6,000$

Equipment: $$200,000$

Accumulated Depreciation $-$ Equipment: $$20,000($credit balance$)$

Accounts Payable: $$25,000$

Wages Payable: $$3,000$

Stationery Expense: $$12,800$

Unearned Revenue: $$5,000$

Water and Electricity: $$9,000$

Capital: $$150,000$

Accumulated Profit: $$133,000$

Drawings: $$20,000$

Additional information:

XYZ Corporation's insurance policy was purchased on January $1,2023,$ for $$12,000$ for two years. The prepaid insurance account is used to record this cost.

The company's equipment has an estimated useful life of $10$ years with no salvage value. Depreciation is recorded using the straight$-$line method.

XYZ Corporation owes $$2,000$ in wages to employees for work done in December $2023,$ but they will not be paid until January $2024.$

During December $2023,$ the company earned $$2,500$ in revenue that was collected from customers in advance. This revenue was initially recorded as unearned revenue.

XYZ Corporation estimates that $2\%$ of its accounts receivable balance will be uncollectible.

After stock counts, stationery in stock amounted to $$1,800.$

Water and Electricity was only paid until September $302023$

$13$

Required:

Prepare the necessary adjusting journal for XYZ as of December $31,2023.$

Calculate the adjusted balances for each account after the adjustments are made.