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North Star prepared the following unadjusted trial balance at the end of its second year...

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Accounting

North Star prepared the following unadjusted trial balance at the end of its second year of operations ending December 31.

Account Titles Debit Credit
Cash $ 11,300
Accounts Receivable 5,300
Prepaid Rent 2,260
Equipment 20,300
Accumulated DepreciationEquipment $ 1,170
Accounts Payable 1,170
Income Tax Payable 0
Common Stock 24,100
Retained Earnings 1,400
Sales Revenue 47,420
Salaries and Wages Expense 24,300
Utilities Expense 11,800
Rent Expense 0
Depreciation Expense 0
Income Tax Expense 0
Totals $ 75,260 $ 75,260

Other data not yet recorded at December 31:

a. Rent expired during the year, $1,130.
b. Depreciation expense for the year, $1,170.
c. Utilities owing, $8,300.
d. Income tax expense, $320.

3.

Summarize the adjusting journal entries in T-accounts. After entering the beginning balances and computing the adjusted ending balances, prepare an adjusted trial balance as of December 31.

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