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The following is Wildhorse Cycle Repair Shop's trial balance at January 31, 2021, the company's fiscal year end: WILDHORSE CYCLE REPAIR SHOP Trial Balance January 31, 2021 Debit Credit Cash $3,600 Accounts receivable 6.710 Prepaid insurance 6,420 Supplies 5,240 Land 59,000 Building 190.000 $11,000 Accumulated depreciation-building Equipment Accumulated depreciation--equipment 27.000 4,500 7,400 Accounts payable Unearned revenue Mortgage payable 22,030 182,400 H. Dude, capital 61,000 92,100 239,550 H. Dude, drawings Service revenue Salaries expense Utilities expense 119.200 12,000 Interest expense 6,610 $ 527,880 $ 527.880 12,000 Utilities expense Interest expense 6,610 $ 527,880 $ 527,880 Additional information: 1. 2. 3. 3 The 12-month insurance policy was purchased on June 1, 2020. A physical count of supplies shows $ 1,310 on hand on January 31, 2021. The building has an estimated useful life of 50 years. The equipment has an estimated useful life of 9 years. The mortgage payable has a 6% interest rate. Interest is paid on the first day of each month for the previous month's interest By January 31, 2021, $ 1,300 of services related to the unearned revenue have been provided. During the next fiscal year, $ 4,500 of the mortgage payable is to be paid. 4. 4 5. 5. 6. Date Account Titles and Explanation Debit Credit Jan. 31 Insurance Expense 4280 Prepaid Insurance (To record insurance expired) II II Jan. 31 Supplies Expense 3930 Supplies (To record supplies used) Jan. 31 Depreciation Expense 6800 Accumulated Depreciation Building Accumulated Depreciation Equipment: LI II DI DULUI (To record depreciation) Jan. 31 Interest Expense 912 Interest Payable (To record accrued interest) Jan. 31 Unearned Revenue 1300 Service Revenue (To record revenue for services provided) WILDHORSE CYCLE REPAIR SHOP Adjusted Trial Balance January 31, 2021 Debit Credit Cash LA $ 3600 Accounts Receivable 6710 Prepaid Insurance 2140 Supplies 1310 Land 59000 TANAMAN Building 190000 Accumulated Depreciation - Building 14800 Equipment 27000 Accumulated Depreciation - Equipment : 7500 Accounts Payable 7400 Interest Payable 912 Unearned Revenue 20730 Mortgage Payable 182400 H. Dude, Capital 61000 Accumulated Depreciation - Equipment 7500 Accounts Payable 7400 Interest Payable 912 Unearned Revenue 20730 Mortgage Payable 182400 H. Dude, Capital 61000 H. Dude, Drawings 92100 Service Revenue 240850 Salaries Expense 119200 Utilities Expense 12000 Interest Expense 7522 Insurance Expense 4280 Supplies Expense 3930 Depreciation Expense 6800 Total 535592 535592 WILDHORSE CYCLE REPAIR SHOP Income Statement Year Ended January 31, 2021 Revenues Service Revenue $ 240850 Expenses Salaries Expense 119200 i Utilities Expense 12000 i Interest Expense 7522 i Insurance Expense 4280 Supplies Expense 3930 i Depreciation Expense 6800 Total Expenses 153732 Profit/(Loss) $ 87118 (c2) Prepare a statement of owner's equity. The owner, Henry Dude, invested $ 5,000 cash in the business on November 17, 2020. (The investment has been recorded and it is included in the capital account). (List items that increase owner's equity first. Round answers to 0 decimal places, e.g. 125.) WILDHORSE CYCLE REPAIR SHOP Statement of Owner's Equity $ : $