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Penny's Pool Service & Supply Inc. $($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.

Additional information for the adjusting entries:

a$.$ PPSS owed $$1,500$ wages to the office receptionist and three assistants for working the last two days in December. The employees will be paid in January of the next year.

b$.$ On October $1$ of the current year, PPSS received $$24,000$ from customers who prepaid pool cleaning service for one year beginning on November $1$ of the current year.

c$.$ The company received a $$520$ utility bill for December utility usage. It will be paid early next year.

d$.$ PPSS borrowed $$59,000$ from a local bank on May $1$ of the current year, signing a note with a $6$ percent interest rate. The note and interest are due on May $1$ of the next year.

e$.$ On December $31$ of the current year, PPSS cleaned and winterized a customer's pool for $$800,$ but the service was not yet recorded on December $31.$

f$.$ On February $1$ of the current year, PPSS purchased a two$-$year insurance policy for $$4,200,$ with coverage beginning on that date. The amount was recorded as prepaid insurance when paid.

g$.$ On December $31$ of the current year, PPSS had $$3,100$ of pool cleaning supplies on hand. During the year, PPSS purchased supplies costing $$25,400$ from Pool Corporation Inc.

h$.$ PPSS estimated that depreciation on its buildings and equipment was $$8,300$ for the year.

i$.$ At December $31$ of the current year, $$110$ of interest on investments was earned that will be received in the next year.

j$.$ The company's income tax rate for the year was $30$ percent.

Required:

Prepare adjusting entries for Penny's Pool Service & Supply Inc. on December $31$ of the current year. $($If no entry Is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

Complete the trial balance spreadsheet $($enter adjustments and determine the adjusted balances$).$

$\backslash$table$[[$PENNY$\text{'}$S POOL SERVICE & SUPPLY INC.$],[$Trial Balance$],[$December $31,$ First Year of Operations$],[,$UNADJUSTED,ADJUSTMENTS,ADJUSTED$],[$Account Title,Debit,Credit,Debit,Credit,Debit,Credit$],[$Cash$,8,765,8,765],[$Short$-$term investments,$5,000,,,,5,000,],[$Accounts receivable,$5,200,,800,,6,000,],[$Interest receivable,,,$110,,110,],[$Supplies$,25,400,,,22,300,3,100,],[$Prepaid expenses,$6,300,,,1,925,4,375,],[$Land$,18,000,,,,18,000,],[$Equipment$,82,500,,,,82,500,],[$Buildings$,72,000,,,,72,000,],[$Accumulated depreciation,,,,$8,300,,8,300],[$Accounts payable,,$4,100,,,,4,100],[$Wages payable,,$400,,1,500,,1,900],[$Utilities payable,,,,$520,,520],[$Deferred revenue,,$24,000,4,000,,,20,000],[$Interest payable,,,,$2,950,,2,950],[$Income taxes payable$],[$Notes payable $($current$),,4,000,,,,4,000],[$Notes payable $($non$-$current$),,59,000,,,,59,000],[$Contributed capital,,$61,000,,,,61,000],[$Retained earnings$],[$Pool cleaning revenue,,$122,000,,4,800,,126,800]]$

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