Rachel's Enterprises Solutions
TRIAL BALANCE WITH ADJUSTING ENTRIES
AS OF 31 MARCH 2021
	UNADJUSTING	ADJUSTING	ADJUSTED
ACCOUNT NAME	BALANCE	ENTRY	BALANCE
CASH	$277,250.00		$277,250.00
ACCOUNTS RECEIVABLE	$54,000.00		$54,000.00
NOTES RECEIVABLE	$0.00		$0.00
UNCOLLECTIBLE ACCOUNTS	($2,150.00)		($2,150.00)
PETTY CASH FUND	$1,500.00		$1,500.00
BUILDING	$351,300.00		$351,300.00
EQUIPMENT	($40,000.00)		($40,000.00)
INVENTORY	($178,400.00)		($178,400.00)
PURCHASES	$142,000.00		$142,000.00
INTANGIBLE ASSET	($500.00)		($500.00)
SUPPLIES	$8,400.00	($7,400.00)	$1,000.00
ACCOUNTS PAYABLE	($10,900.00)		($10,900.00)
TAXES PAYABLE	$12,200.00		$12,200.00
WAGES PAYABLE	$10,800.00		$10,800.00
MORTGAGE PAYABLE	($271,989.00)		($271,989.00)
SHORT TERM NOTES PAYABLE	$30,000.00		$30,000.00
DIVIDENDS PAYABLE	$0.00		$0.00
CAPITAL STOCK	($90,000.00)		($90,000.00)
PAID IN CAPITAL	$97,000.00		$97,000.00
RETAINED EARNINGS	$10,500.00		$10,500.00
SALES	($376,000.00)		($376,000.00)
TREASURY STOCK	$14,000.00		$14,000.00
PURCHASE DISCOUNT	$1,800.00		$1,800.00
CONSULTING SERVICES REVENUE	($96,000.00)		($96,000.00)
UNEARNED REVENUE	$5,000.00		$5,000.00
RENT REVENUE	($20,000.00)		($20,000.00)
UNEARNED CONSULTING REVENUE	$5,000.00		$5,000.00
INTEREST INCOME	($250.00)		($250.00)
GAIN ON SALE OF EQUIPMENT	($2,500.00)		($2,500.00)
COST OF GOOD SOLD	$178,400.00		$178,400.00
FREIGHT IN	$2,700.00		$2,700.00
SALES DISCOUNT	$1,900.00		$1,900.00
SALARY EXPENSE	$30,000.00		$30,000.00
REPAIR EXPENSE	$6,000.00		$6,000.00
ADVERTISING EXPENSE	$6,500.00		$6,500.00
ACCRUED ADVERTISING EXPENSE	($5,000.00)		($5,000.00)
INTEREST EXPENSE	$9,189.00	$1,875.00	$11,064.00
TAXES EXPENSE	$10,100.00	$8,900.00	$19,000.00
SALES ALLOWANCE	$1,700.00		$1,700.00
ENTERTAINMENT EXPENSE	$250.00		$250.00
TRAVEL EXPENSE	$265.00		$265.00
MISCELLANEOUS EXPENSE	$100.00		$100.00
POSTAGE EXPENSE	$190.00		$190.00
CASH SHORT OR OVER	$55.00		$55.00
LEGAL FEES	$1,500.00		$1,500.00
PURCHASE RETURN	($4,000.00)		($4,000.00)
UTILITIES EXPENSE	$7,500.00		$7,500.00
MILEAGE EXPENSE	$2,500.00		$2,500.00
ACCUMULATED DEPRECIATION	$25,000.00	($13,938.00)	$11,062.00
LOSS ON DISPOSAL	$3,000.00		$3,000.00
DEPRECIATION EXPENSE		$13,938.00	$13,938.00
AMORTIZATION EXPENSE		$500.00	$500.00
BAD DEBTS EXPENSE		$2,150.00	$2,150.00
ACCRUED SALARIES EXPENSE		($15,500.00)	($15,500.00)
ACCRUED TAXES EXPENSE		($8,900.00)	($8,900.00)
SUPPLIES EXPENSE		$7,400.00	$7,400.00
RENT EXPENSE		$7,500.00	$7,500.00
PREPAID RENT		($7,500.00)	($7,500.00)
CONSULTING SERVICE REVENUE		($14,000.00)	($14,000.00)
INSURANCE EXPENSE		$2,250.00	$2,250.00
PREPAID INSURANCE		($2,250.00)	($2,250.00)
ACCRUED INTEREST INCOME		$175.00	$175.00
ACCRUED INTEREST EXPENSE		($1,875.00)	($1,875.00)
TOTAL	$209,910.00	($30,050.00)	$183,235.00

Develop a single income statement representing January through March in good form for Rachel's Enterprise Solutions for the first three months of 2021. Federal Income Tax Rate is 21%.