P3.6 Alphas Graphics was organized on January 1, 2020, by Gabriel Alpha. At the end of the first 6 months of operations, the trial balance contained the following accounts.

Analysis reveals the following additional data. 1. The $3,700 balance in Supplies Expense represents supplies purchased in January. At June 30, $1,300 of supplies are on hand. 2. The note payable was issued on February 1. It is a 6%, 6-month note. 3. The balance in Insurance Expense is the premium on a one-year policy, dated April 1, 2020. 4. Service revenues are credited to revenue when received. At June 30, services revenue of $1,300 are unearned. 5. Revenue for services performed but unrecorded at June 30 totals $2,000. 6. Depreciation is $2,250 per year. Instructions a. Journalize the adjusting entries at June 30. (Assume adjustments are recorded every 6 months.) b. Prepare an adjusted trial balance. c. Prepare an income statement and retained earnings statement for the 6 months ended June 30 and a statement of financial position at June 30.

3-54 CHAPTER 3 Adjusting the Accounts Analysis reveals the following additional data. 1. The 3,700 balance in Supplies Expense represents supplies purchased in January. At June 30 . 1,300 of supplies are on hand. 2. The note payable was issued on February 1. It is a 6%,6-month note. 3. The balance in Insurance Expense is the premium on a one-year policy, dated April 1, 2020. 4. Service revenues are credited to revenue when received. At June 30 , services revenue of 1,300 are unearned. 5. Revenue for services performed but unrecorded at June 30 totals 2,000. 6. Depreciation is 2,250 per year. b. Adj. trial balance 112,725 Instructions c. Net income 19,000 a. Journalize the adjusting entries at June 30. (Assume adjustments are recorded every 6 months.) Ending retained earnings b. Prepare an adjusted trial balance. 19,000 c. Prepare an income statement and retained earnings statement for the 6 months ended June 30 and a Total assets 71,800 statement of financial position at June 30 . Expand Your Critical Thinking Financial Reporting Problem: TSMC, Ltd. (TWN) CT3.1 The financial statements of TSMC are presented in Appendix A. The complete annual report. including the notes to the financial statements, is available at the company's website. Instructions