BBA BUS 400202 PRINCIPLES OF FINANCIAL ACCOUNTING 1 (20% WEIGHTING) WINTER, 2019-20 ASSIGNMENT J Company was established on January 1, 2017, by Careem Brothers. At the end of the first 6 months of operations, the trial balance contained the accounts shown in the following pages. Debit Credit Cash 8,600 Accounts Receivable 14,000 Equipment 45,000 Insurance Expense 2,700 Salaries and Wages Expense 30,000 Supplies Expense 3,700 Advertising Expense 1,900 Rent Expense 1,500 Utilities Expense 1,700 Notes Payable Accounts Payable Owner's Capital Sales Revenue Service Revenue 20,000 9,000 22,000 52,100 6,000 109,100 109,100 Analysis reveals the following additional data. 1. The $3,700 in Supplies Expense represents supplies purchased in January. At June, 30, $1500 of supplies are on hand. 2. The note payable was issued on February 1. It is a 9%, 6 month note. 3. The balance in Insurance Expense is the premium on a one-year policy, dated March 1, 2017. 4. Service Revenues are credited to Revenue when received. At June 30, services revenue of $1300 are unearned. 5. Revenue for services performed but unrecorded at June 30 totals $2000. 6. Depreciation is $2250 per year. Required: a. Journalize the adjusting entries at June 30. (Assume adjustments are recorded every six months) b. Prepare an adjusted Trial Balance C. Prepare an income statement and owner's equity statement for the six months ended June 30, and a balance sheet at June 30. d. Compare the differences between a Trial Balance and a Balance Sheet