• Elizabeth Soltis owns and operates Aunt Ibbys Styling Salon. A year-end work sheet is provided below. Use this information to complete this exercise. Aunt Ibby’s Styling Salon Worksheet For Year Ended December 31, 20-- 1 TRIAL BALANCE TRIAL BALANCE ADJUSTMENTS ADJUSTMENTS ADJUSTED TRIAL BALANCE ADJUSTED TRIAL BALANCE INCOME STATEMENT INCOME STATEMENT BALANCE SHEET BALANCE SHEET 2 ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT 3 Cash 940.00 940.00 940.00 4 Styling Supplies 1,500.00 (a) 1,450.00 50.00 50.00 5 Prepaid Insurance 800.00 (b) 650.00 150.00 150.00 6 Salon Equipment 4,500.00 4,500.00 4,500.00 7 Accumulated Depreciation-Salon Equipment (d) 900.00 900.00 900.00 8 Accounts Payable 225.00 225.00 225.00 9 Wages Payable (c) 40.00 40.00 40.00 10 Elizabeth Soltis, Capital 2,765.00 2,765.00 2,765.00 11 Elizabeth Soltis, Drawing 12,000.00 12,000.00 12,000.00 12 Styling Fees 32,000.00 32,000.00 32,000.00 13 Wages Expense 8,000.00 (c) 40.00 8,040.00 8,040.00 14 Rent Expense 6,000.00 6,000.00 6,000.00 15 Styling Supplies Expense (a) 1,450.00 1,450.00 1,450.00 16 Phone Expense 450.00 450.00 450.00 17 Utilities Expense 800.00 800.00 800.00 18 Insurance Expense (b) 650.00 650.00 650.00 19 Depreciation Expense—Salon Equipment (d) 900.00 900.00 900.00 20 $34,990.00 $34,990.00 $3,040.00 $3,040.00 $35,930.00 $35,930.00 18,290.00 32,000.00 17,640.00 3,930.00 21 Net Income 13,710.00 13,710.00 22 $32,000.00 $32,000.00 $17,640.00 $17,640.00 PREPARE AN INCOME STATEMENT