Online assignment

M&S advertising agency had the following adjusted account balances on Dec$\mathrm{.}31\mathrm{.}2021$:

Cash $50,000$; Account receivable $1,500$; supplies $2,500$; equipment $21,000$; Accumulated depreciation$-$equipment $3,000$ ; account payable $22,000$ ; share capital ordinary $20,000$ ; Retained earnings $30,000.$

The following transactions occurred during the first $6$ months of the year $2022$ :

Jan$\mathrm{.}2\mathrm{.}2022.$ M & S received $$36,000$ from customers in advance for services to be provided until the end of the year.

Jan$\mathrm{.}5\mathrm{.}2022.$ M & S purchased $$9,000$ supplies and paid the amount in cash.

Feb$\mathrm{.}15\mathrm{.}2022.$ M & S performed $$6,000$ of advertising services on account.

March$\mathrm{.}1.2022.$ M & S purchased $$60,000$ building and signed a $12\%,18$ months, $60,000$ note.

Apr$\mathrm{.}20\mathrm{.}2022.$ M & S paid $$9,000$ in advance for insurance policy. This insurance policy will cover one year starting from Apr$\mathrm{.}1\mathrm{.}2022.$

May$\mathrm{.}25\mathrm{.}2022.$ M & S paid its employees $$35,000$ for salaries and wages for the first five months of the year.

You also know the following information regarding M&S advertising agency:

The company prepares its financial statements semiannually.

On June$\mathrm{.}30\mathrm{.}2022,$ A count of supplies had shown $$100$ of supplies on hand.

On June$\mathrm{.}30\mathrm{.}2022,$ it was found that $$33,500$ services that were performed on account during the previous $6$ months are not recorded.

On June$\mathrm{.}30\mathrm{.}2022,$ employees worked for one month that were not recorded nor paid $($salaries are the same each month$).$

Depreciation on equipment is $$1,000$ each month, Depreciation on building is $$2,500$ each month.

Each month the company performs the same amount of its services obligation.

Required:

$(1)$ Prepare the Trial balance on June$\mathrm{.}30\mathrm{.}2022$ for M&S advertising agency

$(2)$ Prepare the adjusted trial balance on June. $30\mathrm{.}2022$ for $M$&$S$ advertising agency

$(3)$ Prepare the income statement for the semi$-$annual period ending on June$\mathrm{.}30\mathrm{.}2022$ for M&S advertising agency

$(4)$ Prepare the Retained earnings statement for the semiannual period ending on June$\mathrm{.}30\mathrm{.}2022$ for M&S advertising agency

$(5)$ Prepare the balance sheet at June$\mathrm{.}30\mathrm{.}2022$ for M&S