l. Based on the Unadjusted Trial Balance of Silver Travel Service and additional inforn'ation given below for the necessary adj ustrnents, A. Prepare thejoumal entries for adj ustnients given in the box and record them on the ledger accounts [T-accolutts}. Forthe ledger accounts, rst, create T-eccuantsfor each account and recent!I the balance shown in the unadjusted trial balance. Then, add the adjustments in the T-accounts. Not all the accounts are shovm in the unadjusted trial balance. You my need to create ones. Compute the balance amount for each T-account. B. Create the following nancial statements. Don't forget the company name, name ottbe f'u'iancial statement, and the relevant period. i. Income Statement for the I\" halfot2lll 1. ii. Statement ofRetained Earnings for the Ft halfofEl l. The company started its business. on ll'l. The initial balance ofRetained Earning is I}. iii. Balance Sheet as oflune 3t], 2D] 1. C. Based on the adjust record, compute the prorlit margin ratio. Report the ratio in terms ofpercent up to the second decimal place. Show your work. D. Close the relevant accounts. Record the closing process in the iournal entries and Est ulle closing Journal entries to the ledger accounts [T-acconnts] that you created in Part A. You will need to create Income Sununary and Retained Earnings accounts. [Do NOT create any redundant T-accounts.] E. Create Post-closing Trial Balance. Silver Travel Services Unadjusted Trial Balance .lee 30, 2D] I Additional Information on June 3!], EDI 1: :1. Out ofprepaid insurance otST,2t] covering 11 Debit Credit months, one month's insurance coverage has expired. C351] 1191]) . At the end ofthe month, $1,5l] ot'ofce supplies Accounts receivable ' are still available Ofce supplies 2,5110 . The building was purchased on Illtltl'l i. The Prepaid insurance 'l',2t]ll useful life is 31] years and salvage value is zero. _ _ You need to recognize a In'year's Burldings mucus \"Pruitt.\" Common stock l . Part-time employees earned $1 III of unpaid salary Dividends 2,131]le as of June 30', EDI l . Revenue litll] . The company completed SLIM] of consulting . service by June 3'}, 2t] l l , which is not yet billed. Salarles expense 2,Dt]l] Rent expense 2,1310 Repair expense 1,tlt]l] Telephone expense 4m] Total [95,l] 195300