Credits LALA Company had the following adjusted trial balance. LALA COMPANY Adjusted Trial Balance For the Month Ended June 30, 2018 Account Titles Debits Cash $ 3,200 Accounts Receivable 3,900 Supplies 500 Accounts Payable Unearned Service Revenue Share Capital-Ordinary Retained Earnings Dividends 300 Service Revenue Salaries and Wages Expense 1,800 Miscellaneous Expense (300 +STT) Supplies Expense 2,300 Salaries and Wages Payable $12,300 +STT $1,800 (200 + STT) 4,000 800 5,100 400 $12,300 +STT 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) anyone Page 1 2 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)