Required: a) Prepare the year-end adjusting entries to the respective accounts. (Explanation is not required) (10 marks) b) Prepare the following financial statements for Smith Optical Company for the month of July and label your statements accordingly. Marks will be deducted for missing $ and title. i) Income Statement ( 6 marks) ii) Statement of Owners Equity ( 3 marks) iii) Balance Sheet (in T-format) (15 marks) c) Prepare the closing entries for the month with explanation. (13 marks)

12 Upload Assign X Bb 12902505 Had Chapter 1 Le X 1 B Accounting Cox BE FOUR (4) TYPEX 2 Week 3 - Nju X C Robert Warne xC INTI INTERNA XC Cet Homewo + X c learn-ap-southeast-1-prod-flect02-xythos.content.blackboardcdn.com/5ddfa1943a653/129825057X-Blackboard-Expiration=1632722400000&X-Blackboard-Signature=mpu4ivN9pCmOdG5... B: 9Apps Riot Account Mana.. E https//docs.google.... Five Ways Your Ind. Untitled document. hr E Reading list 12982505 616 | 100% + QUESTION 147 marks) Below is the partial worksheet of Smith Optical Company, a company owned and operated solely by Donald Smith, for the month ended July 31, 2021. Smith Optical Company Work sheet (Partial) For the Month Ended July 31, 2021 Adjusted Trial Accounts Balance Credit Unadjusted Trial Balance Debit Credit 2,000 4,000 1,000 16.000 2.000 5,000 Debit 2.000 2,000 600 16,000 Cash Prepaid Insurance Office Supplies Office Equipment Accumulated Depreciation - Equip Accounts Payable Salaries Payable Unearned Service Revenue Don Smith, Capital Don Smith, Withdrawals Service Revenue Salaries Expense Depreciation expense Supplies expense Insurance expense Totals 3,000 5,000 900 2,500 7,450 4,500 7,450 5,600 5,600 13,350 15,350 3,700 4,600 1,000 400 2,000 34,200 32,300 32,300 34.200 The following are transactions that occurred at the end of the month, July 31, which needs adjusting entries. 1) Prepaid insurance used for the month, $2,000. 2) Owe employees' salaries for the month, $900 3) $2,000 of Unearned Service Revenue was realized earned during the month. 4) Depreciation Expense on Office Equipment for the month, $1,000 5) At the end of the month, there were $600 of Office Supplies in the storeroom Type here to search Ei 24C Light rain ENG 802 AM 27/9/2021 12 Upload Assign X Bb 12902505 Had Chapter 1 Le X 1 B Accounting Cox BE FOUR (4) TYPEX 2 Week 3 - Nju X C Robert Warne xC INTI INTERNA XC Cet Homewo + X c learn-ap-southeast-1-prod-flect02-xythos.content.blackboardcdn.com/5ddfa1943a653/129825057X-Blackboard-Expiration=1632722400000&X-Blackboard-Signature=mpu4ivN9pCmOdG5... B: 9Apps Riot Account Mana.. E https//docs.google.... Five Ways Your Ind. Untitled document. hr E Reading list 12982505 616 | 100% + QUESTION 147 marks) Below is the partial worksheet of Smith Optical Company, a company owned and operated solely by Donald Smith, for the month ended July 31, 2021. Smith Optical Company Work sheet (Partial) For the Month Ended July 31, 2021 Adjusted Trial Accounts Balance Credit Unadjusted Trial Balance Debit Credit 2,000 4,000 1,000 16.000 2.000 5,000 Debit 2.000 2,000 600 16,000 Cash Prepaid Insurance Office Supplies Office Equipment Accumulated Depreciation - Equip Accounts Payable Salaries Payable Unearned Service Revenue Don Smith, Capital Don Smith, Withdrawals Service Revenue Salaries Expense Depreciation expense Supplies expense Insurance expense Totals 3,000 5,000 900 2,500 7,450 4,500 7,450 5,600 5,600 13,350 15,350 3,700 4,600 1,000 400 2,000 34,200 32,300 32,300 34.200 The following are transactions that occurred at the end of the month, July 31, which needs adjusting entries. 1) Prepaid insurance used for the month, $2,000. 2) Owe employees' salaries for the month, $900 3) $2,000 of Unearned Service Revenue was realized earned during the month. 4) Depreciation Expense on Office Equipment for the month, $1,000 5) At the end of the month, there were $600 of Office Supplies in the storeroom Type here to search Ei 24C Light rain ENG 802 AM 27/9/2021