Question 2 The following unadjusted trial balance is taken from the records of Hillcrest Company Hillcrest Company Unadjusted Trial Balance June 30, 2019 Debits Credits Account payable 4,500 Account receivable 6,000 Cash 37,150 Notes payables (due 31 December 2026) 30,000 Pald-in capital 21,750 Office equipment 15,000 Prepaid insurance 3,000 Rent expense 1,000 Salaries expense 4,000 Service revenue 7.900 Supplies 2,000 Unearned service revenue 4,000 Total 68,150 68,150 In addition to those accounts listed on the unadjusted trial balance, Hillcrest Company revealed the additional information at June 30, 2019 1. Supplies on hand at June 30, 2019 are $500 2. A utility bill for $500 has not been recorded and will not be paid until next month 3. The insurance policy is for a year and was purchased at the beginning of May 2019 4. $1000 of unearned service revenue has been earned at the end of the month 5. Salaries of $2500 are accrued at June 30 6. The loan was taken out on January 1, 2019 with the interest rate 7 percent per year 7. The office equipment was purchased at the beginning of June and has a 5-year useful life with no salvage value 8. Invoices representing $1,000 of services performed during the month have not been recorded as of June 30, 2019 Required: Prepare the T-account for the all accounts listed in the unadjusted trial balance Prepare the adjusting accounts at the end of June 2019 Prepare the adjusted trial balance Prepare the financial statements Prepare closing entries and post-closing trial balance