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Required information CON4-1 (Algo) End of the Accounting Cycle: Recording Adjustments, Preparing Statements, and Closing the Books LO4-1, 4-2, 4-4 Penny's Pool Service \& Supply, Incorporated (PPSS) is completing the accounting process for the first year of operations ended on December 31 . Transactions during the year have been journalized and posted. The following trial baiance reflects the unadjusted balances on December 31 : a. PPSS owed $9,500 in wages to the office receptionist and three assistants for working the last 10 days in December. The employees will be paid in early next year. b. On October 1 of the current fiscal year, PPSS received $30,000 from customers who prepaid pool cleaning service for one year beginning on November 1 of the current year. c. The company received a $720 utility bill for December utility usage. It will be paid early next yeat. d. PPSS borrowed $81,000 from a local bank on August 1 , signing a one-year, 10 percent note. The note and interest are due on August 1 of next year. e. On December 31 , PPSS cleaned and winterized a customer's pool for $1,000, but the sorvice was not yet recorded on December 31 . f. On November 1 of the current fiscal year, PPSS purchased a two-year insurance policy for $7,800, with coverage beginning on that date. The amount was recorded as Prepaid Expenses when paid. 9. On December 31 , PPSS had $4,500 of pool cleaning supplies on hand after purchasing supplies costing $27,400 during the year from Pool Corporation, incorporated. h. PPSS estimated that depreciation on its bulidings and equipment was $10,300 for the yeac, L. At December 31,$310 of interest on investments was earned that wil be received in the next year. 1. The company's income tax rate for the year was 22 percent. kequired: 2. Complete the trial balance spreadsheet (enter adjustments and transaction references and detarmina tha aditus-and h

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