The balance of $12,000 for Prepaid Insurance represents payment on August 1st, 2022 for a 12-month...

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● ● ● The balance of $12,000 for Prepaid Insurance represents payment on August 1st, 2022 for a 12-month insurance policy covering the period of August 1st, 2022 through July 31, 2023. The $21,860 balance of the Deferred Revenue account represents payments in advance from customers. By the end of 2022, $17,000 of the services have been provided. The firm signed the $80,000 Note Payable with the bank on March 1st, 2022. The note is a 10 year note with an annual interest rate of 6%. The first interest payment will be made on February 28, 2023. As of 12/31/2022, only $340 worth of supplies remain on hand. Prepare an adjusted trial balance as of December 31, 2022. NOTE: You will first need to think of what adjusting entries this firm would need to make based on the above additional information. Then, update/add account balances as necessary. You do not need to provide us with the actual AJES, just prepare the adjusted trial balance and show how you calculated adjusted amounts. ● ● ● The balance of $12,000 for Prepaid Insurance represents payment on August 1st, 2022 for a 12-month insurance policy covering the period of August 1st, 2022 through July 31, 2023. The $21,860 balance of the Deferred Revenue account represents payments in advance from customers. By the end of 2022, $17,000 of the services have been provided. The firm signed the $80,000 Note Payable with the bank on March 1st, 2022. The note is a 10 year note with an annual interest rate of 6%. The first interest payment will be made on February 28, 2023. As of 12/31/2022, only $340 worth of supplies remain on hand. Prepare an adjusted trial balance as of December 31, 2022. NOTE: You will first need to think of what adjusting entries this firm would need to make based on the above additional information. Then, update/add account balances as necessary. You do not need to provide us with the actual AJES, just prepare the adjusted trial balance and show how you calculated adjusted amounts.

Answer rating: 100% (QA)

Here is the adjusted trial balance as of December 31 2022 taking into account the additional informa... View the full answer