e. Salarikes Fispense is overstared by $700 E A $300 cash paymene for advertisin e A 5.20 cash divklend was incorrecely journalized as $2,000 h. Service Revenue was understated by $4,100 g expense was neither journalized nor posted. L A 12-monrh insurance policy was posted as a $1,900 credit eo Prepaid Insurance. Cash was posted coreectly Prepare the corrected tral balance "s of August 31, 2018 Journal entrere not P2-MA Preparing financial statements from the trial balance and calculating Learning Objectives 4, S the debt ratio 2 Ending Rentained Earnings $11,788 The tnial balance as of July 31, 2018, for Sara Simon, Registe cred Dietician, is presented belou RA SIMON REGISTERED DIETICIAN Trial Balance July 31, 2018 Credit Debit 5 38,000 9,000 2,300 2,400 16,000 Accounts Receivable Office Supplies Prepaid Insurance Accounts Payable Unearned Revenue Notes Payable Common Stock Dividends Service Revenue $ 3,000 3,912 31,000 18,000 2,800 17,888 Salaries Expense Rent Expense Utilities Expense Total 1,700 1,100 Soo 73,800 $73,800 Requirements 1. Prepare the income statement for the month ended July 31, 2018. 2. Prepare the statement of retained earnings for the month ended July 31,2018. The beginning balance of retained earnings was $0. 3. Prepare the balance sheet as of July 31, 2018. 4. Calculate the debt ratio as of July 31, 2018