Adjusted Trial Balance and Financial StatementsTrial Balance Data:Cash: $45,000Prepaid Rent: $5,000Accounts Receivable: $25,000Salaries Payable: $3,000Capital: $72,000Adjustments:Rent expense: $2,000 (expired)Salaries expense:...
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Accounting
Adjusted Trial Balance and Financial Statements
Trial Balance Data:
- Cash: $45,000
- Prepaid Rent: $5,000
- Accounts Receivable: $25,000
- Salaries Payable: $3,000
- Capital: $72,000
Adjustments:
- Rent expense: $2,000 (expired)
- Salaries expense: $3,000 (incurred but not paid)
Requirements:
- Prepare the adjusted trial balance.
- Prepare the income statement and balance sheet based on the adjusted trial balance.
- Discuss the significance of adjustments in financial reporting.
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