EFG Corporation's Trial Balance on August 31, 2023:

• Cash: $45,000 (Debit)
• Accounts Receivable: $25,000 (Debit)
• Prepaid Insurance: $12,000 (Debit)
• Equipment: $125,000 (Debit)
• Accumulated Depreciation: $35,000 (Credit)
• Accounts Payable: $28,000 (Credit)
• Notes Payable: $52,000 (Credit)
• Common Stock: $70,000 (Credit)
• Retained Earnings: $40,000 (Credit)
• Service Revenue: $95,000 (Credit)
• Salaries Expense: $30,000 (Debit)
• Rent Expense: $17,000 (Debit)
• Utilities Expense: $7,500 (Debit)
• Insurance Expense: $9,500 (Debit)
• Dividends: $14,000 (Debit)

Requirements:

1. Prepare the adjusted trial balance for EFG Corporation.
2. Prepare the income statement for the month ended August 31, 2023.
3. Prepare the statement of retained earnings for the month ended August 31, 2023.
4. Prepare the balance sheet as of August 31, 2023.
5. Identify and correct any discrepancies.