You are the loan officer of a multinational bank. A small company, Joy Company, would like to apply for a loan. In support of the loan application, Bernard, the owner, submitted a Trial Balance for the first year of operations ended on December 31, 2019. You have asked the company to submit other financial statements that include Statement for Comprehensive Income, Statement of Financial Position and Retained Earnings Statement for evaluating the performance of the company. Joy Company Trial Balance December 31, 2019 S Supplies Machinery 6,400 187,300 Equipment 68,000 Cash 20,500 Share capital 160,000 Service revenue received 391,120 Salaries paid 121,000 Utilities paid 8,000 Rent paid 130,000 Insurance paid 9,920 551,120 551,120 In discussing the Trial Balance with Bernard, you asked whether adjusting entries have been prepared to get the accounts up to date for the Trial Balance. Bernard answered that they have not been adjusted. Required: a. Explain why you would need to read other financial statements such as Statement for Comprehensive Income, Statement of Financial Position and Retained Earnings Statement. (6 marks) b. Explain why you suspected that the accounts had not been adjusted prior to the preparation of the Trial Balance. (9 marks) c. Indicate FOUR possible adjusting entries that might be necessary before an accurate set of financial statements could be prepared. (10 marks)