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Answer :
An adjusting trial balance refers to a trial balance that is created after making certain adjusting entries in the accounting ledger.
These entries are prepared to adjust various expenses, revenue, assets, and liabilities before finalizing the account books. As a result, adjusting entries are made at the end of each accounting cycle, which may include depreciation of assets, unpaid salaries, prepaid expenses, accrued revenue, and others.
Most accounting software makes it possible to create an adjusted trial balance with a click of a button. Here is the adjusting trial balance after the given adjustments in the question: DR CR Cash 615,500 615,500 Accounts receivable 500,000 500,000 Office supplies 60,000 60,000 Prepaid rent 90,000 120,000 -30,000 (Adjusted balance) Depreciation - Desktop Publishing 600 600 Rent Expense 30,000 30,000 Interest Expense 5,000 5,000.
Accumulated Depreciation 600 600 Unearned Revenue 15,000 15,000 Total 1,255,700 1,255,700The adjusting entries are made with respect to prepaid rent, which is initially debited for the full amount, $120,000, however, the actual rent for the period is only $90,000, hence, an adjusting entry is made to decrease the amount by $30,000. The adjusted balance for prepaid rent becomes $90,000.
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