Acct. No 101 106 124 128 163 201 230 301 302 403 623 640 000 Hipster Optical Trial Balance May 31, 2020 Account Title Cash Accounts receivable Office Supplies Prepaid insurance office equipment Accounts payable Unearned service revenue Peeta Black, capital Peeta Black, withdrawals Services revenue Wages expense Rent expense utilities expense Totals Debit Credit $18,400 8,380 6,300 9,720 25,500 51,590 7,700 56,200 1,470 24,770 14,900 4,200 1,390 590,260 $90,260 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 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 $ 24,770 Operating expenses Wages expense Rent expense Utes expense $ 14.900 4,200 1.390 Total operating expenses Profit 20.490 4280 HIPSTER OPTICAL $ 56,200 Statement of Changes in Equity For Month Ended May 31, 2020 Peeta Black, capital, May 1 Add: Investment by owner Add: Profit 4,280 Total Add: Withdrawals by owner Add: Withdrawals by owner Peeta Black, capital, May 31 4,280 60,480 0 $ $ 60,480 Assets $ HIPSTER OPTICAL Bulance Sheet May 31, 2020 Liabilities 18.400 Accounts payable 8,380 Unearned service revenue 6,300 9.720 Total liabilities 25,500) Equity Peeta Black capital Cash Accounts receivable Office supplies Prepaid insurance office equipment $ 1,590 7,700 9.290 60.480 Total assets $ 68,300 Total liabilities and equity $ 69.770 Analysis Component: Prepare two different journal entries that might have created the May 31, 2020 balance in the Utilities Expense of $1,390. Use May 31, 2020 as the date for your entries Analysis Component: Prepare two different journal entries that might have created the May 31, 2020 balance in the Utilities Expense of $1,390, Use May 31, 2020 as the date for your entries. View transaction list View journal entry worksheet No General Journal Credit Dato May 31, 2020 Debit 1.390 Utilities expense Cash 1390 or Sirts 4 View transactions View journal entry worksheet eBook No 1 General Journal Debit Pin May 31, 2020 1 390 Neces Utilities expense Accounts payable 1 390