Residential_tenancy agreem V DDchapeter 3 Accrual acco X 4- The Firm ( PDF PDE /acc/text%20book/chapeter%203%20 % 20Accrual %20accounting% 20concepts.pdf PSA3.2 Prepare adjusting entries, post to ledger accounts, and prepare adjusted trial balance. LO3, 4, 5 The unadjusted trial balance at 30 June 2020 for Maxi Services Ltd is as follows. MAXI SERVICES LTD Trial balance as at 30 June 2020 Debit Credit Account name No. $ 54 800 15 000 3200 100 104 Cash Accounts receivable 112 Prepaid insurance Supplies Office equipment Accumulated depreciation Accounts payable 1500 30000 113 130 $ 20000 131 7400 200 4000 213 Service revenue received in advance Share capital Retained earnings 60000 300 7500 310 46 800 400 Service revenue Salaries expense 34 000 2000 500 510 Rent expense Insurance expense Electricity expense 1200 4000 $145700 515 530 $145 700 The chart of accounts for Maxi Services Ltd contains the following accounts in addition to those listed on the trial balance: 218 Electricity payable, 215 Salaries payable, 520 Depreciation expense, and 505 Supplies expense. Other data: 1. Supplies on hand at 30 June total $1000. 2. An electricity bill for $300 for June has not been recorded and will not be paid until next month. 3. The balance of the prepaid insurance account is the annual premium for insurance com- mencing 1 January 2020. 4. Services were performed during the current period in relation to $3000 of revenue received in advance. 5. Salaries of $4600 are owed at 30 June. 6. Depreciation expense for the year is $4000. 7. Invoices representing $4400 of services performed during the month have not been recorded as of 30 June 2020. Required (a) Prepare the adjusting entries from the information provided. (b) Using T accounts, enter the totals from the trial balance as beginning account balances and then post the adjusting entries to the ledger accounts. (e) Prepare an adjusted trial balance as at 30 June 2020. (d) Calculate profit or loss for the year ended 30 June 2020. (e) If the business wanted to report a higher profit, which of the adjusting entries above would be avoided? Which stakeholders would be affected by the misreported profit