Pls show complete steps with explanation I will definitely like. Below is the unadjusted trial balance for Al Ain Company as on 31/July/2023 along withsome additional information, the company prepares the financial statements monthly:AccountDr BalanceCr BalanceCash$30,400Supplies5,000Prepaid Insurance1,200Equipment10,000Notes payable10,000Accounts payable5,000Unearned Revenue2,400Owner's Capital20,000Owner's Drawing1,00020,0008,0001,80057,40057,400Service RevenueSalaries ExpenseRent ExpenseTotalAdditional Information:--An inventory count at the close of business on July 31 reveals that $2,000 ofsupplies are still on hand.Insurance of $100 expires each month.Depreciation on the equipment is $960 a year.Analysis reveals that the company performed $800 of services that wasconsidered as unearned revenue in July.The company performed services worth $400 that were not billed to clients on orbefore July 31The company signed a three-month note payable in the amount of $10,000 onJuly 1. The note requires the company to pay interest at an annual rate of 12%.There is $2,400 salaries accrued that are not recorded yet. b- Prepare the following financial statements:---Income statementStatement of owner's equityBalance sheet

Income statement:Income statement shows the revenue earned during the year and other income and…

Answered: b- Prepare the following financial…

Business

Accounting

b- Prepare the following financial statements: Income statement Statement of owner's equity Balance sheet

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section21.1: Accruals

Problem 1WT

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