Answer the given question.

3:56 0 0 7+ all .Ill 70% - assignment.doc . .. DEPARTMENT OF BUSINESS EDUCATION FINANCIAL ACCOUNTING ASSIGNMENT Instructor: Dr. Shaukat All Raza Marks: 35 Jubilee Inc. adjusts accounts on monthly bases. Accounts department of Jubilee Inc. presented the following trial balance on December 31, 2020: Account title Debit Credit Cash $ 12,000 Prepaid Insurance 15,000 Prepaid Legal Expense 2,000 Accounts Receivable 20,000 Inventory 20,000 Building 150,000 Accumulated depreciation-building $ 35,750 Equipment 50,000 Accumulated depreciation-equipment 2.083 Accounts Payable 15,000 Unearned Rent 10,000 Income Tax Payable 5,000 Capital Stock 80.500 Retained Earnings 5,000 Dividend 15,000 Sales 100,000 Sales Returns and Allowances 5,000 Rent Revenue 10.000 Insurance Expense 3,000 Rent Expense 9,000 Supplies Expense 8,000 Utilities Expense 9,000 Salaries 30,000 Repairs 2,000 Depreciation--building 2,750 Depreciation-equipment 4,583 Auditor's Fees 6,000 Legal Expenses 10,000 5373,333 $373,333 Additional data Inventory on hand is equal to your student number. nsurance policy was purchased on Oct. 1, 2020 for $18,000 with one year coverage. AWN Unearned rent $2,000. Legal expenses $12,000 were paid on Sep. 15, 2020 with three month coverage. The expense for December amounted to $3,000 Supplies expense is payable $2,000. Income tax is further payable $4,000. 7. Useful life of the building is 50 years and it is 12 years old. Equipment was purchased on Jul. 1, 2020 with useful life of 10 years. Instruction 1. Prepare a worksheet of the company after accommodating the above adjustments 14/2) 2. Prepare an income statement, statement of retained earnings and balance sheet [(13+2+14)/2) Close all the temporary accounts (showing their zero balances) in the ledger, (13). Prepare an after closing trial balance (14/2). Submit hand-written assignment latest by March 08, 2021, 1pm