2-9A Preparing financial statements from a trial balance LO6 Hipster Optical Trial Balance May 31, 2020 Account Title Debit Credit $18,000 Acct. No 101 Cash 106 Accounts receivable 124 Office supplies 128 Prepaid insurance 163 Office equipment 201 230 Accounts payable Unearned service revenue 301 Peeta Black, capital 302 Peeta Black, withdrawals 403 Services revenue 623 Wages expense 640 Rent expense 690 Utilities expense Totals 7,980 5,900 9,320 25,100 $ 1,550 7,300 55,800 1,430 22,730 14,500 3,800 1,350 $87,380 $87,380 Required: Using the trial balance provided above, prepare an income statement and statement of changes May 31, 2020, and a balance sheet at May 31, 2020. HIPSTER OPTICAL Required: 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. HIPSTER OPTICAL Income Statement For Month Ended May 31, 2020 Revenues: Services revenue Operating expenses: Wages expense Rent expense Utilities expense Total operating expenses 0 HIPSTER OPTICAL Statement of Changes in Equity For Month Ended May 31, 2020 Peeta Black, capital, May 1 Total Peeta Black, capital, May 31 $ 0 0 Cash Accounts receivable Office supplies Prepaid insurance Office equipment Total assets Assets 69 HIPSTER OPTICAL Balance Sheet May 31, 2020 Accounts payable Liabilities Unearned service revenue Total liabilities Equity Peeta Black, capital 0 Total liabilities and equity $ EA 0 0 Analysis Component: Prepare two different journal entries that might have created the May 31, 2020 balance in the Utilities Expense of $1,350. Use May 31, 2020 as the date for your entries. View transaction list Journal entry worksheet < 1 Record the balance in utilities expense of $1,350 on May 31, 2020. Note: Enter debits before credits. Date May 31, 2020 General Journal Debit Credit