From April to December 2023, The Snoball Stand expanded significantly due to high demand. Among the changes: 1. In addition to the original location (simply a snoball stand), The Snoball Stand leased a storefront by signing a one-year lease. Lease payments of $1,000 are due on the 15 th of each month. The lease runs through June 30. 2. Three new employees were hired. All employees earn $5 per hour. 3. The Snoball Stand has begun offering catering services. Most catering engagements are for childrens' birthday parties. The ending balance sheet of the Snoball Stand Supply Store on December 31, 2023 was as follows: Step 2: Prepare unadjusted trial balance (below). Step 3: Prepare adjusting journal entries at March 31 Step 4: Prepare the adjusted trial balance at March 31, 2024 (below) The Snoball Stand Trial Balance March 31, 2024 \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{2}{|c|}{ Unadjusted } & \multicolumn{2}{|c|}{ Adjusting Entries } & \multicolumn{2}{|c|}{ Adjusted } & \multicolumn{2}{|c|}{ Closing Entries } & \multicolumn{2}{|c|}{ Post-Closing } \\ \hline Debit & Credit & Debit & Credit & Debit & Credit & Debit & Credit & Debit & Credit \\ \hline \end{tabular} The Snoball Stand Income Statement Three Months Ended March 31, 2024 Net Income Step 6: Prepare Closing Journal Entry and Post-Closing Trial Balance (above) Closing