question b only

*P3-6A Alpha Graphics Company, Inc. was organized on January 1, 2014. At the end of the first 6 months of operations, the trial balance contained the accounts shown below. Debit Credit Cash $ 8,400 Notes Payable $ 20,000 Accounts Receivable 14,000 Accounts Payable 9,000 Equipment 45,000 Share Capital-Ordinary 22.000 Insurance Expense 2,880 Service Revenue 58,280 Salaries and Wages Expense 30,000 Supplies Expense 3,900 Advertising Expense 1.900 Rent Expense 1,500 Utilities Expense 1,700 $109,280 $109,280 Analysis reveals the following additional data 1. The $3.900 balance in Supplies Expense represents supplies purchased in January. At June 30, $080 of supplies are on hand. 2. The note payable was issued on February 1. It is a 99, 6-month note. 3. The balance in Insurance Expense is the premium on a one-year policy, dated March 1. 2014 4. Service revenues are credited to revenue when received. At June 30, service revenue of $1,100 is still not performed for the customer. 5. Depreciation is $2,250 per year. Instructions () 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 a retained earnings statement for the 6 months ended June 30 and a statement of financial position at June 30. (b) Adj, trial balance $111,155 (c) Net income $16,025 Ending retained earnings $16,025 Total assets $68,875