Agopian Enterprises is owned by Edmund Agopian and has a January 31 fiscal year end. The company prepares adjusting entries on an annual basis. The following trial balance was prepared before adjustments:

Additional information:
1. A one-year insurance policy was purchased on July 1, 2013.
2. A count of supplies on January 31, 2014, shows $920 of supplies on hand.
3. The equipment has an estimated useful life of five years.
4. An analysis of the Unearned Revenue account shows that $5,230 has been earned by January 31, 2014.
5. The eight-month, 6% note was issued on November 1, 2013. Interest and principal are due on the maturity date.
6. Salaries accrued to January 31, 2014, were $1,315.
7. On January 31, 2014, the company had earned but not billed or recorded consulting revenue of $2,675.
8. The telephone bill for January 2014 was $170. It has not been recorded or paid. (Use the Accounts Payable account.)
Instructions
(a) Prepare adjusting journal entries for the year ended January 31, 2014, as required.
(b) Prepare an adjusted trial balance at January 31, 2014.
(c) Prepare an income statement and statement of owner's equity for the year ended January 31, 2014, and a balance sheet at January 31, 2014.
TAKING IT FURTHER Comment on the company's results of operations and its financial position. In your analysis, refer to specific items in the financial statements.

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AGOPIAN ENTERPRISES Trial Balance January 31, 2014 Debit Credit Cash Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation-equipment Accounts payable Note payable Unearned revenue E. Aggpian, capital E. Agopian, drawings Service revenue Rent expense Salaries expense Telephone expense $ 4,970 14,540 3,960 6,580 32,350 12,940 7,760 11,000 7,480 18,320 119,000 214,500 20,750 66,950 2,900 $272,000 $272,000