Accounting Cycle Review Exercise 0-38 The adjusted trial balance for Pharoah Company is given below: PHAROAH COMPANY Trial Balance August 31, 2020 Before Adjustment Dr. Cr. Cash $10,028 Accounts Receivable 8,096 Supplies 2,300 Prepaid Insurance 3,680 Equipment 14,720 Accumulated Depreciation-Equipment $3,312 Accounts Payable 5,336 Salaries and Wages Payable Unearned Rent Revenue 1,656 Common Shares 9,200 Retained Earnings 5,060 Dividends 2,576 Service Revenue 31,280 Rent Revenue 11,132 Salaries and Wages Expense 15,640 Supplies Expense Rent Expense 9,936 Insurance Expense Depreciation Expense $66,976 $66,976 After Adjustment Dr. Cr. $10,028 8,648 460 2,300 14,720 $4,416 5,336 1,012 736 9,200 5,060 2,576 31,832 12,052 16,652 1,840 9,936 1,380 1,104 $69,644 $69,644 Prepare the income statement for the year ended August 31. PHAROAH COMPANY Income Statement Prepare the retained earnings statements for the year ended August 31. (List items that increase retained earnings first.) PHAROAH COMPANY Retained Earnings Statement PHAROAH COMPANY Balance Sheet Assets Liabilities and Shareholders' Equity