Penny's Pool Sevice & 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 trlal balance reflects the

unadjusted b$$lances on December $31$:

a$.$ PPSS Owed $$8,300$ 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 recelved $$26,400$ from customers who prepald pool cleaning sevice for one

year beginning on November $1$ of the current year.

c$.$ The company recelved a $$600$ utility blll for December utllity usage. It will be pald early next year.

d$.$ PPSS borrowed $$79,800$ from a local bank on August $1,$ signing a oneyear, $10$ 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 $$880,$ but the sevice was not yet recorded on

December $31.$

f$.$ On November $1$ of the current fiscal year. PPSS purchased a two$-$year Insurance pollcy for $$4,800,$ with coverage beginning

on that date. The amount was recorded as Prepald Expenses when pald.

g$.$ On December $31.$ PPSS had $$4,200$ of pool cleaning supplies on hand after purchasing supplies costing $$26,200$ during

the year from Pool Corporation, Incorporated.

h$.$ PPSS estimated that depreclation on Its bulldings and equipment was $$9,100$ for the year.

I. A$.$t December $31,$$$190$ of Interest on Investments was earned that will be recelved in the next year.

J$.$ The company's income tax rate for the year was $22$ percent.