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Question 1 Adiusting entries, Preparing Income Statement and Statement of Financial Position The trial balance at 30 June 20x8 for Kitty's Kitchen Services Ltd. is as follows: Ace No. Account Title Debit Credit 100 Cash 7,750 104 Accounts Receivable 6,000 112 Prepaid Insurance 1,800 1 13 Supplies 2,000 130 Ofce Equipment 15,000 131 Accumulated Depreciation 10,000 200 Accounts Payable 4,500 213 Unearned Revenue (received in advance) 4,000 300 Share Capital 30,000 310 Retained Earnings 3,750 400 Service Revenue 27,900 500 Salaries Expense 44,000 5 10 Rent Expense 1,000 515 Insurance Expense 600 530 Electricity Expense 2,000 $ 80,150 $ 80,150 Additional accounts may be added to the chart of accounts as needed. Other Data: 1. Supplies on hand at 30 June total $1,000. 2. An electricity bill for $150 for June has not been recorded and will not be paid until next month. 3. The prepaid insurance is the annual (yearly) premium for insurance commencing 1 January 2008. 4. Services were performed during the current period that relate to $2,500 of Uncarned Revenue recorded in the previous period. 5. Salaries of $ 1,500 are owed at 30 June. 6. Depreciation expense for the year is $2,000. 7. Invoices representing $3,000 of services performed during the month have not been recorded as of 30 June 20x3. Required (a) Prepare adjusting entries for the month of June. (b) Prepare an Income Statement for year ended on 30 June 20x8 and balance sheet a at 30 June 20x3