Company VWX Trial Balance as of July 31, 2023:

Account Title	Debit ($)	Credit ($)
Cash	55,000
Accounts Receivable	32,000
Inventory	28,000
Office Equipment	135,000
Accumulated Depreciation		30,000
Accounts Payable		23,000
Notes Payable		60,000
Common Stock		55,000
Retained Earnings		40,000
Service Revenue		100,000
Salaries Expense	24,000
Rent Expense	15,000
Utilities Expense	6,500
Insurance Expense	8,500
Dividends	20,000

Requirements:

1. Adjust the trial balance for VWX.
2. Prepare the income statement for the period ended July 31, 2023.
3. Create the statement of retained earnings for the same period.
4. Develop the balance sheet as of July 31, 2023.
5. Explain any discrepancies found and how to correct them.