College of Business Department of Finance Introduction to Financial Accounting (ACCT 201) Assignment Due date: 13/4/2020 Below is the unadjusted trial balance for Gray Electronic Repair Services; Gray Electronic Repair Services Unadjusted Trial Balance December 31, 2019 Account Title Cash Accounts Receivable Service Supplies Furniture and Fixtures Service Equipment Accounts Payable Loans Payable Mr. Gray, Capital Mr. Gray, Drawing Service Revenue Rent Expense Salaries Expense Taxes and Licenses Totals Debit $ 7,480.00 3,400.00 1,500.00 3,000.00 16,000.00 Credit $ 9,000.00 12,000.00 13,200.00 7,000.00 9,550.00 1,500.00 3,500.00 370.00 $ 43,750.00 $ 43,750.00 Assumes the following adjustments data have been done after December, 2019 1. 2. 3. 4. Supplies on hand $ 600 They provide a service for $2300 on account. The company paid for its utility on account $1800. The company had accumulated depreciation $720. 5. The company buys new furniture $6000. 6. They provide services to a client and receive $1500 cash immediately. 7. The company prepaid $2400 for insurance for 12 months starting from 1/1/2020. 8. The company buys new supplies for $300. 9. The company incurred rent expense for $300. 10.The company receives $800 from the client You are required to prepare the following in worksheet format. I. Adjusted Trail balance (5 marks). II. Income Statement (5 marks). III. Balance sheet (Financial Position) Statement