Karl Ltd provides accounting training services. The chart of accounts for Karl Ltd is as follows: Account name Account number Cash Accounts receivable Supplies 3 Prepaid rent 4 Equipment 5 Accumulated depreciation 6 Accounts payable 10 Unearned revenue 11 Rent payable 12 Wages payable 13 Dividend payable 14 Loan 15 Share capital 20 Retained profits 21 Service revenue 30 Interest revenue 31 Wages expense 40 Supply expense 41 Rent expense 42 Depreciation expense 43Karl Ltd Balance Sheet as at 31 June 2020 $ Asset Cash 55,000 Accounts receivable 20,000 Supplies 6,000 Total current asset 61,000 Equipment 8,000 Accumulated depreciation (2,500) Total Asset 86,500 Liabilities Accounts payable 18,000 Wages payable 5,000 Total current liabilities 23,000 Loan 8,500 Total Liabilities 31,500 Shareholders' Equity Share capital 30,000 Retained profits 25,000 Total Shareholders' Equity 55,000 Total liabilities and shareholders' equity 86,500