XYZ Corporation's Trial Balance on October 31, 2023:

• Cash: $70,000 (Debit)
• Accounts Receivable: $35,000 (Debit)
• Inventory: $50,000 (Debit)
• Office Equipment: $160,000 (Debit)
• Accumulated Depreciation: $45,000 (Credit)
• Accounts Payable: $25,000 (Credit)
• Notes Payable: $65,000 (Credit)
• Common Stock: $80,000 (Credit)
• Retained Earnings: $45,000 (Credit)
• Service Revenue: $110,000 (Credit)
• Salaries Expense: $32,000 (Debit)
• Rent Expense: $18,000 (Debit)
• Utilities Expense: $7,000 (Debit)
• Insurance Expense: $10,000 (Debit)
• Dividends: $22,000 (Debit)

Requirements:

1. Prepare the adjusted trial balance for XYZ Corporation.
2. Prepare the income statement for the month ended October 31, 2023.
3. Prepare the statement of retained earnings for the month ended October 31, 2023.
4. Prepare the balance sheet as of October 31, 2023.
5. Identify and rectify any errors found.