1. MP.06.01 Instructions Chart of Accounts Labels and Amount Descriptions General Journal Income Statement Statement of Owner's Equity Balance Sheet Instructions Elizabeth Soltis owns and operates Aunt Ibby's Styling Salon. A year-end work sheet is provided below. Use this information to complete this exercise. Aunt Ibby's Styling Salon Worksheet For Year Ended December 31, 20-- TRIAL BALANCE TRIAL BALANCE ADJUSTMENTS ADJUSTMENTS ADJUSTED TRIAL BALANCE ADJUSTED TRIAL BALANCE ACCOUNT TITLE Debit Credit Debit Credit Debit Credit INCOME STATEMENT Debit INCOME STATEMENT Credit BALANCE SHEET BALANCE SHEET Debit Credit 3 Cash 4 Styling Supplies 5 Prepaid Insurance 6 Salon Equipment 940.00 940,00 940.00 1.500.00 (a) 1,450.00 50.00 50,00 800.00 (b) 650.00 150.00 150.00 4,500.00 4,500.00 4,500.00 7 Accumulated Depreciation-Salon Equipment (d) 900.00 900.00 900.00 8 Accounts Payable 9 Wages Payable 225.00 225.00 225.00 (c) 40.00 40.00 40.00 10 Elizabeth Soltis, Capital 11 Elizabeth Soltis, Drawing 12 Styling Fees 2,765.00 2,765.00 2,765.00 12,000.00 12,000.00 12,000.00 32,000.00 32,000.00 32,000.00 13 Wages Expense 8,000.00 (c) 40.00 8,040.00 8,040.00 14 Rent Expense 6,000,00 6,000.00 6,000.00 15 Styling Supplies Expense (a) 1,450.00 1,450.00 1,450.00 16 Phone Expense 450.00 450.00 450.00 17 Utilities Expense 800.00 800.00 800,00