The following is Sheridan Cycle Repair Shop's trial balance at January 31, 2021, the companys fiscal year end:

Additional information:

1.		The 12-month insurance policy was purchased on June 1, 2020.
2.		A physical count of supplies shows $1,310 on hand on January 31, 2021.
3.		The building has an estimated useful life of 50 years. The equipment has an estimated useful life of 9 years.
4.		The mortgage payable has a 6% interest rate. Interest is paid on the first day of each month for the previous month's interest.
5.		By January 31, 2021, $1,300 of services related to the unearned revenue have been provided.
6.		During the next fiscal year, $4,500 of the mortgage payable is to be paid.

Prepare the adjusting entries.

Prepare an adjusted trial balance.

Prepare an income statement.

Prepare a statement of owners equity. The owner, Henry Dude, invested $5,000 cash in the business on November 17, 2020. (The investment has been recorded and it is included in the capital account).

Prepare a classified balance sheet. The owner, Henry Dude, invested $5,000 cash in the business on November 17, 2020. (The investment has been recorded and it is included in the capital account)

Prepare the closing entries.

SHERIDAN CYCLE REPAIR SHOP Trial Balance January 31, 2021 Debit Credit Cash $4,200 Accounts receivable 6,660 Prepaid insurance 6,420 Supplies 5,240 Land 52,000 Building 190,000 Accumulated depreciation-building $11,000 Equipment 27,000 Accumulated depreciation-equipment 4,500 Accounts payable 7,100 Unearned revenue 21,980 Mortgage payable 183,000 H. Dude, capital 61,000 H. Dude, drawings 99,100 Service revenue 238,550 Salaries expense 118,200 Utilities expense 12,000 Interest expense 6,310 $527,130 $527,130