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Question 2 (10 points): Johnstone & Gonari Ltd. (J&G) is a new business in Saskatoon that does tax consulting for clients. J&G opened on February

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Question 2 (10 points): Johnstone & Gonari Ltd. (J&G) is a new business in Saskatoon that does tax consulting for clients. J&G opened on February 1, 2021 and they have asked you for help with their financial statements. J&G has correctly prepared the following trial balance at February 28, 2021. Prepare the classified balance sheet at February 28, 2021 and the income statement for the month ended February 28, 2021 using the trial balance below. Credits Debits $80,000 5.000 2,000 10,000 Account Name Cash Accounts Receivable Supplies Equipment Accounts Payable Note Payable (payment due in 2024) Contributed Capital Retain Earnings (beginning balance) Consulting Revenue Other Revenue Advertising Expense Rent Expense Wage Expense Utilities Expense Totals $8,000 20,000 35,000 0 54,000 4.000 2,000 4,000 16,000 2.000 $121,000 $121.000

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