Mac, the controller for Makai Services Limited, had just printed off the unadjusted trial balance for the year ended July 31, 2022 when Hurricane Fiona hit resulting in the company losing power. Mac knows that the bank is looking for the company's financial statements as soon as possible so they have decided to do the adjusting process & financial statements manually.

Mac has come to you for assistance in preparing the adjusting entries & financial statements for the year ended July 31, 2022. They have provided you with the following information as well as the unadjusted trial balance at July 31, 2022.

Information from Mac:

- On June 1 the company paid $7,200 for an insurance policy with coverage from June 1, 2022 to May 31, 2023.

- On July 6 the company received $4,000 for work to be performed in July & August. During the month of July the company completed 40% of the work.

- Salaries for the 2 weeks ending August 6 totalled $7,700 and were paid on August 6, 2022.

- A physical count on July 31, 2022 indicates the supplies on hand are $5,350. - The depreciation on the equipment for the year ended July 31 is $7,125. - Income taxes in the amount of $12,000 have not yet been recorded.

Required: A. Prepare the necessary adjusting journal entries at July 31, 2022. B. Prepare an adjusted trial balance using the attached template. C. Prepare an income statement for the year ended July 31, 2022 for Makai Services Limited D. Prepare the statement of changes in equity for the year ended July 31, 2022. Makai issued shares during the year receiving $5,000 from its shareholders. The entry to record this has already been made & is included in the unadjusted trial balance.

E. Prepare the balance sheet as of July 31, 2022 for Makai Services Limited.