Alpha's Graphics was organized on January 1, 2020, by Gabriel Alpha. At the end of the first 6 months of operations, the trial balance contained the following accounts. 18,000 8,700 22,000 62,500 Debits Cash Accounts Receivable Equipment Insurance Expense Salaries and Wages Expense Supplies Expense Advertising Expense Rent Expense Utilities Expense Credits 9,000 Notes Payable 14,300 Accounts Payable 47,000 Share Capital-Ordinary 2,400 Service Revenue 29,700 3,500 2,000 1,600 1,700 111,200 111,200 Analysis reveals the following additional data. 1. The 3,500 balance in Supplies Expense represents supplies purchased in January. At June 30, 1,800 of supplies are on hand. 2. The note payable was issued on February 1. It is a 9%, 6-month note. 3. The balance in Insurance Expense is the premium on a one-year policy, dated April 1, 2020. 4. Service revenues are credited to revenue when received. At June 30, services revenue of 1,200 are unearned. 5. Revenue for services performed but unrecorded at June 30 totals 2,200. 6. Depreciation is 2,000 per year. Journalize the adjusting entries at June 30. (Assume adjustments are recorded every 6 months.) (Credit account titles are automatically Debit Credit No. Date Account Titles and Explanation 1. June 30 Supplies 1800 Supplies Expense 1800 2. June 30 Interest Expense 675 Interest Payable 3. June 30 Prepaid Insurance 1800 Insurance Expense 1800 4. June 30 Service Revenue 1200 Unearned Service Revenue 1200 5. June 30 Accounts Receivable 2200 Service Revenue 2200 6. June 30 Depreciation Expense 1000 Accumulated Depreciation Equipment 1000 Prepare an adjusted trial balance. ALPHA GRAPHICS Adjusted Trial Balance June 30, 2020 Debit Credit Supplies 1800 Supplies Expense 1700 Interest Expense 675 Interest Payable 675 Prepaid Insurance 1800 Insurance Expense 600 Service Revenue 63500 Unearned Service Revenue 1200 Accounts Receivable 16500 Cash 9000 Depreciation Expense 1000 Accumulated Depreciation Equipment 1000 Notes Payable 18000 Accounts Payable 8700 Share Capital-Ordinary 22000 Advertising Expense 2000 Equipment 47000 Salaries and Wages Expense 29700 Rent Expense 1600 Utilities Expense 1700 115075 [ 115075 Prepare an income statement for the 6 months ended June 30. ALPHA GRAPHICS Income Statement For the Six Months Ended June 30, 2020 Revenues Service Revenue C 63500 Expenses Supplies Expense 1700 i Depreciation Expense 1000 i Rent Expense 1600 i Insurance Expense 600 i Utilities Expense 1700 i 2000 Advertising Expense Salaries and Wages Expense 29700 i Interest Expense 675 i Total Expenses 9 38975 i Net Income /(Loss) 24525 (c2) Your answer is correct. Prepare an retained earnings statement for the 6 months ended June 30. ALPHA GRAPHICS Retained Earnings Statement For the Six Months Ended June 30, 2020 Retained Earnings, January 1 Add : Net Income /(Loss) 24525 Retained Earnings, June 304 24525 Prepare a statement of financial position at June 30. (List Current Assets in reverse order of liquidity.) ALPHA GRAPHICS Statement of Financial Position June 30, 2020 Assets Less Equity and Liabilities UUU UUUUUUU