Galarus company had the following trial balance as of December 31, 2019 Galarus Company Trial Balance...

Galarus company had the following trial balance as of December 31, 2019

Galarus Company

Trial Balance

December 31, 2019

Accounts	Debit	Credit
	10,600
Accounts receivable	13,200
Supplies	2,400
Prepaid Insurance	1,500
Equipment	38,500
Accumulated depreciation - Equipment		8,300
Accounts payable		2,500
Unearned service revenue		8,900
Common stock		15,000
Retained earnings		10,100
Service revenue		35,000
Salary expense	11,200
Advertising expense	2,400
	79,800	79,800

Additional information:

Supplies used during the month, $450
Prepaid insurance expired during the month, $300
Depreciation on equipment for the month, $550
Unearned service revenue earned during the month, $2,200
Accrued salary expense at the end of the month, $650

Based on the trial balance and the additional data, prepare financial statements for the year ended December 31, 2019

Expert Solution

ekkarill92 answered 2 years ago

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