Using the trial balance provided above, prepare an income statement and statement of changes in equity for the first month ended May 31, 2020, and a balance sheet at May 31, 2020.

Analysis Component: Prepare two different journal entries, including explanations, that might have created the May 31, 2020, balance in Utilities Expense of $1,500. Use May 31, 2020, as the date for your entries.

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Hipster Optical Trial Balance May 31, 2020 Acct. No. Account Title Debit Credit $19,500 101 Cash. 106 Accounts receivable. 9,480 Office supplies. 124 7,400 128 Prepaid insurance. 10,820 Office equipment. 26,600 163 $ 1,700 Accounts payable. 201 230 Unearned service revenue. 8,800 Peeta Black, capital. 301 57,300 Peeta Black, withdrawals 302 1,580 403 Services revenue 30,380 Wages expense. 623 16,000 640 Rent expense 5,300 Utilities expense 690 1,500 $98,180 $98,180 Totals