The adjusted trial balance of University Book Store as of November 30, 2019, after the firm’s first month of operations, appears on the next page. Appropriate adjustments have been made for the following items: a. Supplies used during the month, $2,900. b. Expired rent for the month, $3,500. c. Depreciation expense for the month, $950. INSTRUCTIONS 1. Record the Adjusted Trial Balance in the Adjusted Trial Balance columns of the worksheet. 2. Prepare the adjusting entries in the Adjustments columns. 3. Complete the Trial Balance columns of the worksheet prior to making the adjusting entries. Analyze: What was the balance of Prepaid Rent prior to the adjusting entry for expired rent?
The adjusted trial balance of University Book Store as of