5. Mr. Taico has started its business Taico Plus on 1 June, 2020. Following are the unadjusted data of the business. Taico Plus Trial Balance 31" August, 2020 Credits Account Titles Cash Accounts Receivable Supplies Prepaid insurance Furniture & Fixture Equipment Cottage Accu. Dep-Cottage Accounts Payable Utilities payable Debit S 20,000 26.000 35,000 48.000 100.000 160.000 40.000 2000 90,000 37 000 50.000 223,000 20,000 45 000 92000 Mortgage Payable Capital Drawing Service revenue Unearned service revenue Rent expense Salaries expense Utilities Expense Supplies expense Depreciation expense 22.000 45.000 12.000 9000 2000 539000 539,000 The following additional information should be considered for adjusting entries: a) Furniture, Equipment and Cottage all three have Useful life of 10 years. b) Supplies of $5,000 are still on hand at 31 December c) Unearned revenue of $18000 has been earned in August d) Insurance policy is for 3 years. e) Salary expense incurred but not paid in cash $10,000, (f) Mortgage was taken out on 1 May 2020. Interest rate was 10% Requirements: 1. Pass adjusting entries. 6 2. prepare adjusted trial balance 4 3. Income statement for the quarter. 3 4. Classified Balance Sheet as of August 31, 2020.5 5. Pass Closing Entry 4