1 (70%) The following shows a partially completed worksheet of Ace Photo Studio: ACE PHOTO STUDIO Worksheet December 31, 2019 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Names Debit Credit Debit (RM) (RM) Dr Cr (RM) Credit (RM) Cash 3,500 5,300 Accounts Receivables 6,300 Office Supplies 1,400 6,700 600 Prepaid Insurance 3,850 Equipment 33,000 3,300 33,000 Accumulated Depreciation- Equipment Accounts Payable 8,500 4,200 Utilities Payable Salaries Payable Capital 22,150 12,500 4,200 225 200 23,950 Withdrawals 32,000 32,000 Service Revenue 75,900 76,300 Depreciation Expense -Equipment Supplies Expense Utility Expense Salaries Expense 2,200 28,500 4,000 800 2,425 28,700 Insurance Expense Total 550 110,750 110,750 117,375 117,375 Page 2 of 4 Requirements: a) Analyse the worksheet to determine the adjusting entries that account for the differences between the unadjusted trial balance and the adjusted trial balance. Please help Ace Photo Studio to complete its worksheet. (Label the adjustments using a,b,c..). b) Journalize the adjusting entries. Kindly include an explanation for each entry. c) Prepare the Adjusted Trial Balance, Adjusted Financial Statements (Profit & Loss Statement, Statement of Owner's Equity and Balance Sheet)