Problem 2-9A Preparing financial statements from a trial balance LO6 Acct. No 101 106 124 128 163 201 230 301 302 403 623 640 690 Hipster Optical Trial Balance May 31, 2020 Account Title Cash Accounts receivable Office supplies Prepaid insurance Office equipment Accounts payable Unearned service revenue Peeta Black, capital Peeta Black, withdrawals Services revenue Wages expense Rent expense Utilities expense Totals Debit Credit $19,100 9,080 7,000 10,420 26,200 $ 1,660 8,400 56,900 1,540 28, 340 15,600 4,900 1,460 $95,300 $95,300 es Required: Using the trial balance provided above, prepare an income statement and statement of changes in equity for the first month ended May 31, 2020, and a balance sheet at May 31, 2020. HIPSTER OPTICAL Income Statement For Month Ended May 31, 2020 Revenues: Operating expenses: es Total operating expenses 0 HIPSTER OPTICAL Statement of Changes in Equity For Month Ended May 31, 2020 Peeta Black, capital, May 1 0 Total 0 $ 0 Peeta Black, capital, May 31 HIPSTER OPTICAL Balance Sheet May 31, 2020 Assets Liabilities Cash Accounts receivable Office supplies Prepaid insurance Office equipment 0 Total liabilities Equity Total assets $ 0 Total liabilities and equity $ 0 Analysis Component: Prepare two different journal entries that might have created the May 31, 2020 balance in the Utilities Expense of $1,460. Use May 31, 2020 as the date for your entries. View transaction list Journal entry worksheet