The adjusted trial balance for Frinzi Company is given in E3.17.

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

Data from E3-17.

Instructions

Prepare the income and retained earnings statements for the year and the balance sheet at August 31.

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