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The unadjusted trial balance of Sketch Star Makers Inc., prepared as of December 31, 2018, includes...

The unadjusted trial balance of Sketch Star Makers Inc., prepared as of December 31, 2018, includes the following account balances. All of the accounts listed have normal balances.

Cash $ 13,000
Accounts Receivable 2,600
Supplies 2,200
Prepaid Insurance 6,000
Equipment 16,000
Accumulated Depreciation 2,600
Notes Payable (long-term) 26,000
Deferred Revenue 8,000
Service Revenue 36,000
Salaries and Wages Expense 33,000

The following information is also available:

  1. A) A count of supplies revealed $1,000 worth on hand at December 31, 2018.
  2. B) An insurance policy, purchased on January 1, 2018, covers four years.
  3. C) The equipment depreciates at a rate of $1,600 per year; no depreciation has been recorded for 2018.
  4. D) One half (or 50%) of the amount recorded as Deferred Revenue remains deferred as of December 31, 2018.
  5. E) The accrued amount of salaries and wages at December 31, 2018 is $2,600.

Prepare the required adjustments for the company as of December 31, 2018.

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