M3-21 Preparing Financial Statements from a Trial Balance The following accounts are taken from Equilibrium Riding, Inc., a company that specializes in occupational therapy and horseback riding lessons, as of December 31. Account Name Cash Accounts Receivable Prepaid Insurance Equipment Land Accounts Payable Deferred Revenue Notes Payable (long-term) Common Stock EQUILIBRIUM RIDING, INC. Unadjusted Trial Balance At December 31 Debits Credits $ 59,750 3.300 4,700 64,600 23,000 $ 29,230 1,500 74,000 5,000 14,500 0 35,700 Retained Earnings Dividends Service Revenue Salaries and Wages Expense 3,900 Repairs and Maintenance Expense 410 Office Expense 270 Totals $159,930 $159,930