Ex. 258 An analysis of the transactions made by K. T. Lang & Co., a law firm, for the month of July is shown below. Each increase and decrease in equity is explained. Assets Liab. + Equity Retained Earnings Accounts Accounts Share Cash + Receivable + Supplies + Equipment = Payable + Cap + Rev. - Exp. - Div. +15,000 Iss. +5,000 +3,000 +750 +6,600 +9,100 1,500 1. +15,000 Share 2. 2,000 Serv. Rev. 3. 750 4. + 2,500 Serv. Rev. 5. 1,500 6. 2,500 2,500 Div. 7. 650 Exp. 8. + 550 9. 3,500 Exp. 10. Exp. - 650 Rent 550 - 3,500 Sal. + 500 - 500 Util. Instructions (a) Prepare an income statement for the month ending July 31, 2014. (b) Prepare a retained earnings statement for the month ending July 31, 2014. (a) K. T. LANG & CO. Income Statement For the Month Ended July 31, 2014 Revenues Service revenue 9, 100 Expenses Salaries and wages expense 3,500 Rent expense 650 Utilities expense 500 Total expenses 4,650 Net income 4.450 (b) K. T. LANG & CO. Retained Earnings Statement For the Month Ended July 31, 2014 Retained earnings, July 1 0 Add: Net income 4,450 4,450 Less: Dividends 2.500 Retained earnings, July 31 1,950 Question is (How to do the trail balance and T.account for these statement) With explanation please