EXERCISE 1: Prepare Income Statement and Balance Sheet from the following Trial Balance Salalah Mills Trial Balance December 2019 Debit Credit Cash Bank 6,300 10,000 1,500 3,500 2,500 1,200 10,000 4,000 Accounts Receivable Supplies/Purchase Wages Rent Equipment Furniture Creditors Bank Loan Shares Accounts Payable Owner, Capital Owner, Drawing Sales Salary Expense Misc. Expense Electricity Expenses Total 3,500 3,000 10,000 3,000 15,000 1,000 13,000 3,000 1,500 3,000 47,500 47,500 Adjustment 1) Prepaid Rent was 500, Prepaid Electricity was 1500 2] Salary outstanding was 500, wages Outstanding was 1500 3 Stock on 31st December was 2500 (Closing Stock) 4] Depreciate Equipment and Furniture by 15%