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Question 3: Silver Lining, Inc., provides investment advisory services. The company adjusts its accounts monthly. The firm's unadjusted trial balance dated December 31, 2011, is shown on the following page. Silver Lining, Inc. Unadjusted Trial Balance December 31, 2011 Debit Credit $ 42,835 2,000 205 1,200 270 54,000 Cash Accounts receivable. Office supplies Prepaid rent. Unexpired insurance Office equipment Accumulated depreciation: office equipment Accounts payable Interest payable Income taxes payable Notes payable Unearned consulting services revenue Capital stock Retained earnings Dividends Consulting services revenue Office supplies expense Depreciation expense: office equipment Rent expense. Insurance expense Salaries expense. Interest expense Income taxes expense Totals $ 35,250 1,400 360 1,750 9,000 3,500 30.000 8,000 1,000 60,000 605 8.250 3,525 1,010 27,100 360 6,900 $149,260 $149.260 Other Data 1. Accrued but unrecorded and uncollected consulting services revenue totals $1,500 at December 31, 2011. 2. The company determined that $2,500 of previously unearned consulting services revenue had been earned at December 31, 2011. 3. Office supplies on hand at December 31 total $110. Page 4 of 5 4. The company purchased all of its equipment when it first began business. At that time, the estimated useful life of the equipment was six years (72 months). 5. The company prepaid rent of $600 expired during the month. 6. Insurance of $270 expired during the month. Instructions a. Prepare the necessary adjusting journal entries on December 31, 2011. Prepare also an adjusted trial balance dated December 31, 2011. b. From the adjusted trial balance prepared in part a, prepare an income statement and statement of retained earnings for the year ended December 31, 2011. Also prepare the company's balance sheet dated December 31, 2011