The following shows a partially completed worksheet of Ace Photo Studios ACE PHOTO STUDIO Worksheet December 31, 2019 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Names Debit Credit Debit Credit (RM) (RM) De (RM) (RM) Cash 3.500 5,300 Cr Accounts Receivables Office Supplies 6,300 1.400 6,700 600 3.850 33.000 3.300 33.000 Prepaid Insurance Equipment Accumulated Depreciation - Equipment Accounts Payable Utilities Payable Salaries Payable Capital 8.500 4.200 12.500 4,200 225 200 23.950 22.150 32.000 32,000 Withdrawals Service Revenue 75.900 76,300 Depreciation Expense -Equipment Supplies Expense Utility Expense Salaries Expense 4,000 800 2,425 28,700 2.200 28.500 SSO Insurance Expense Total 110,750 110.750 117,375 117,375 Page 2 Requirements: a) Analyse the worksheet to determine the adjusting entries that account for the differences between the unadjusted trial balance and the adjusted trial balance. Please help Ace Photo Studio to complete its worksheet label the adjustments using ab.c.). b) Journalize the adjusting entries. Kindly include an explanation for each entry Prepare the Adjusted Teal Balance, Adjusted Financial Statements (Profit & Loss Statement. Statement of Owner's Equity and Balance Sheet 2. The assignment should be prepared in accordance with the following formats: a) Font: Times New Roman / Calibri / Arial b) Font size: 12 c) Spacing: 1.5 (for narrative parts), for Excel the default spacing. d) You may also use your handwriting as an option