Old MathJax webview

Law Consulting Service Company's Trial Balance on July 31, 2020 is as follows: Account name Debit Credit Cash 4,200 Supplies 1,200 Pre-paid insurance 850 Pre-paid office rent 4,200 Equipment 15,700 Accumulated depreciation - Equipment 2,300 Accounts payable 1,850 Unearned service revenue 650 Share capital - Ordinary 4,700 Retained earnings 2.100 Dividend 2.000 Service revenue 25,050 Salary expense 8.500 Total 36,650 36,650 Required: 1. Com up with 02 adjusting transactions for pre-paid expenses, 01 transaction for unearned revenue, 01 transaction for accrued revenue and 01 transaction for depreciation expense and 01 transaction for accrued expense on 31 July, 2020. (These transactions are given by yourself with reasonable numbers): (1.0 mark) 2. Prepare adjusted trial balance (0.5 marks) 3. Prepare Income Statement, Statement of Retained Earnings and Statement of Financial Position for July 31, 2020. (1.0 marks)