Credit Question 2: LALA Company had the following adjusted trial balance LALA COMPANY Adjusted Trial Balance For the Month Ended June 30, 2018 Accounts title Debit Cash $3,200 Accounts Receivable 3,900 Supplies 500 Accounts Payable $ 1,800 Unearned Service Revenue 216 Share Capital-Ordinary 4000 Retained Earnings 800 Dividends 300 Service Revenue 5100 Salaries and Wages Expense 1800 Miscellaneous Expense 316 Supplies Expense 2300 Salaries and Wages Payable 400 12316 12316 Required: 1. Prepare Income Statement, Statement of Retained Earnings (0.6 marks). 2. Prepare the Statement of Financial Position for December 20xx. (0.3 marks) 3. Prepare closing entries (0.4 marks). 4. Prepare post-closing trial balance (0.3 marks). 5. Why adjusting the accounts is needed in accounting? What are consequences of inaccurate adjusting entries? Provide one example for this. [Word count: 200 words] (0.4 marks)