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From the trial balance and the additional information provided, record the adjusting entries in the journal and prepare an interim statement of profit or loss for three months ending July 31st, 2023. (a) One month's worth of the prepaid rent is to be recognized as expense, $1,000. (b) One month's worth of prepaid insurance is to be recognized as expense, $150.

EXERCISE 7 From the trial balance and the additional information provided, record the adjusting entries in the journal and prepare an interim statement of profit or loss for three months ending July 31st, 2023. (a) One month's worth of the prepaid rent is to be recognized as expense, $1,000. (b) One month's worth of prepaid insurance is to be recognized as expense, $150. Charles-Sydney Enterprises Trial Balance July 31, 20- ACCOUNT DEBIT CREDIT Bank 2 5 0 0 00 Accounts Receivable 4 1 0 0 00 Insurance Prepaid 1 5 0 0 00 Rent Prepaid 10 0 0 0 00 Furniture & Equipment 18 7 5 0 00 Accounts Payable 9 5 0 0 00 Bank Loan Payable 14 0 0 0 00 Capital, Joshua Charles 10 0 0 0 00 Sales 25 2 5 0 00 Service Revenue 19 2 0 0 00 Purchases 12 9 0 0 00 Advertising Expense 1 5 0 0 00 Bank Charges 1 0 0 00 Delivery Expense 2 1 0 0 00 Insurance Expense 3 0 0 00 Rent Expense 2 0 0 0 00 Salaries Expense 18 4 0 0 00 Supplies Expense 2 1 0 0 00 Utilities Expense 1 7 0 0 00 77 9 5 0 00 77 9 5 0 00 Anderson College of Health, Business and Technology "ANDERSON COLLEGE OF HEALTH, BUSINESS AND TECHNOLOGY INTERIM STATEMENT Account Debit Credit + 1 260 ? O