Magalys Adventure opened for business on January 1, 2022. Its balance before adjustment on April 30, 2022, is as follows.

Magaly's Adventure
Trial Balance
April 30, 2022
	Debit	Credit
Cash	$ 16,000.00
Supplies	3,500.00
Accounts receivable	6,000.00
Prepaid Insurance	800.00
Stock Investment	23,000.00
Land	35,000.00
Machinery	18,000.00
Equipment	16,000.00
Patent	15,000.00
Notes Payable		$ 20,000.00
Accounts Payable		7,000.00
Interest payable		9,000.00
Salaries and wages payable		14,000.00
Unearned Service Revenue		7,700.00
Mortgage payable		63,000.00
Owner's Capital		10,000.00
Owner's Drawings	2,500.00
Service Revenue		10,000.00
Salaries and Wages Expense	4,000.00
Rent Expense	900.00
Total	$ 140,700.00	$ 140,700.00

Adjusting entries:

A count on April 30, 2022, shows $1,500 of supplies were used.

Annual depreciation of the equipment is $1,850 and for machinery is $2,250.

Insurance expires $107 per month.

Salaries of $1,275 were not paid on April 30, 2022.

Unearned service revenue of $5,000 was earned by April 30, 2022.

The company signed a 9 month notes payable in the amount of 20,000 on February 1. The note requires to pay interest at an annual rate of 5%.

Instructions:

Journalize the adjusting entries

Prepare an Adjusted Trial Balance

Prepare an Income Statement

Prepare a Statement of Owners Equity

Prepare a Classified Balance Sheet

Prepare Closing Entries

Prepare post-closing trial balance