Kirk Enterprises offers rug cleaning services to business clients. Below is the trial balance for Kirk Enterprises, which was prepared on the end-of-period spreadsheet (worksheet) for the year ended July 31, 2016. (Kirk's first year of operations) Kirk Enterprises End-of-Period Spreadsheet For the Year Ended July 31, 2016 Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Cash 36 Prepaid Insurance 12 Fees Receivable 56 Supplies 12 Equipment 60 Accum. Depreciation Unearned Revenue Accounts Payable 20 44 Wages Payable Common Stock 84 Retained Earnings Dividends 4 Service Revenue 80 Advertising Expense 28 Wage Expense 20 Insurance Expense Supplies Expense Depreciation Expense Totals Requirements 228 228 0 0 0 1) Using the "adjusting entry information" below, enter the adjusting entry needed in the "Adjustments" columns of the work sheet. 2) After completing the adjusting entries, compute and show the adjusted balances in the "Adjusted Trial Balance" columns. 3) Using the prepared tables below prepare in "GOOD FORM" an Income Statement, Statement of Retained Earnings and a Balance Sheet (CLASSIFIED). Proper TITLES are required for each statement. Adjusting entry information as of July 31, 2016 a) The equipment is estimated to last for 5 years The asset will be depreciated evenly over its useful life. b) Accrued earned wages, $2. These wages will be paid in August. c) Unused supplies on hand at the end of the year, $8. d) Unexpired insurance remaining at the end of the year, $9. e) $15 of Previously collected Unearned Revenue has been earned (7/31/16)