Chapter Assignments 133 Ozaki Tax Service Trial Balance December 31, 20x8 Cash Accounts Receivable Prepaid Insurance Office Supplies Office Equipment Accumulated Depreciation-Office $ 2,268 1,031 782 7,100 Equipment Accounts Payable Unearned Tax Fees J. Ozaki, Capital J. Ozaki, Withdrawals Tax Fees Revenue Office Salaries Expense Advertising Expense Rent Expense Telephone Expense 770 635 219 5,439 6,000 21,926 8,300 650 2,400 218 $28,989 $28,989 The following information is also available: a. Office supplies on hand, December 31, 20x8, $227. b. Insurance still unexpired, $120. c. Estimated depreciation of oftice equipment, $770. d. Telephone expense for December, $19; the bill was reccived but not recorded e. The services for all unearned tax fees had been performed by the end of the year. Required 1. Open T accounts for the accounts in the trial balance plus the following: Office Supplies Expense; Insurance Expense; and Depreciation Expense- Office Equipment. Record the balances shown in the trial balance. 2. Determine the adjusting entries and post them directly to the T accounts. 3. Prepare an adjusted trial balance, an income statement, a statement of own- er's equity, and a balance sheet. The owner made no investments during the period User insight4. Why is it not necessary to show the effects of the above transactions on the statement of cash flows