The adjusted trial balance for Matusiak OAO is given in E3.17.

Instructions

Prepare the income and owner’s equity statements for the year and the statement of financial position at August 31.

E3.17

The trial balances before and after adjustment for Matusiak OAO at the end of its fiscal year are presented below.

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Matusiak OAO Trial Balance August 31, 2020 Before After Adjustment Adjustment Dr. Cr. Dr. Cr. €10,400 11,200 Cash €10,400 8,800 2,300 Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable 700 4,000 2,500 14,000 14,000 € 3,600 € 4,500 5,800 5,800 1,100 Unearned Rent Revenue 1,500 400 12,600 Share Capital-Ordinary Retained Earnings 12,600 3,000 3,000 Service Revenue 34,000 36,400 Rent Revenue 11,000 12,100 Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense 17,000 -0- 18,100 1,600 15,000 1,500 15,000 -0- -0- 900 €71,500 €71,500 €75,900 €75,900