Adjustment data at the end of the year include the following:

a. A physical count revealed $550 of supplies on hand at March 31.

b. Depreciation on equipment, $250.

c. Unearned service revenue that has been earned at March 31, $340.

d. Accrued salary expense, $700.

e. Accrued income tax expense, $1,100.

Requirements:

1. prepared a Statement of changes in equity for the year ended 31 March 20x5, and then a Statement of financial position as of 31 March 20x5.

Question One The trial balance of Lam Corporation prior to the year-end adjustments was as follows