Format Painter inter BIU. Clipboard + Merge & Center % Conditional Format as Formatting Table Alignment Number fr GRECO COMPANY Trial Balance 31-Aug-17 Greco Company starts business on August 1, 2017. Its trial balance on August 31, 2017 is: 30,000 12,200 9,000 3,000 20,000 120,000 58,700 Additional data: 1. The balance for Prepaid Advertising represents the amount of advertising fee paid in advance for 3 months, beginning on August 1 2. $800 worth of Supplies was used during the month 3. Annual depreciation rates on Building is 10% and on Equipment is 20% with no salvage value 4. $2,000 of unearned legal fee was earned during the month 5. On August 31, $500 of Salaries has accrued but not yet paid 6. The interest rate on bank loan is 8% per year Cash Account Receivable Prepaid Advertising Supplies Land Building Equipment Account Payable Unearned Legal Fee Loan Common Stock Retained Earnings Dividends Legal Revenue Salaries Expense Telephone Expense Printing Expense 3 Rent Expense 17,500 7,500 50,000 100,000 9,500 5,000 Requirements: a. Journalize the adjusting entries on August 31 (one month) b. Prepare the adjusted trial balance as of August 31 Prepare an Income Statement and the Statement of Retained Earnings for the month ended August 31, 2017 129,900 44,800 9,200 1,500 1,000 314,400 314,400 Sheet1 0