Acct. No 101 106 124 128 163 201 230 301 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, withdrawala Services revenue Wages expense Rent expense Utilities expense Totals Debit Credit $18,200 8,180 6,100 9,520 25,300 $ 1,570 7,500 56,000 1,450 23,750 14,700 4,000 1.370 $88,820 $88,820 302 403 623 640 690 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 Operating expenses Total penting expenses 0 HIPSTER OPTICAL Statement of Changes in Equity For Month Ended May 31, 2020 Peeta Black, capital, May 1 bok 0 rint Total 0 rences $ 0 Peeta Black, capital, May 31 HIPSTER OPTICAL Balance Sheet May 31, 2020 Assets Liabilities Total liabilities Equity Total assets $ 0 Total liabilities and equity $ Analysis Component Prepare two different journal entries that might have created the May 31, 2020 balance in the Utilities Expense of $1,370. Use May 31, 2020 as the date for your entries. View transaction list Journal entry worksheet Record the balance in utilities expense of $1,370 on May 31, 2020. Note: Enter debits before credits General Journal Debit Credit Date May 31, 2020 or View transaction list Journal entry worksheet