Pls show proper steps and don't copy. I'll definitely like Below is the unadjusted trial balance for Al Ain Company as on 31/July/2023 along withsome additional information, the company prepares the financial statements monthly:AccountDr BalanceCr BalanceCash$30,400Supplies5,000Prepaid Insurance1,200Equipment10,000Notes payable10,000Accounts payable5,000Unearned Revenue2,400Owner's Capital20,000Owner's Drawing1,000Service Revenue20,000Salaries Expense8,000Rent Expense1,800Total57,40057,400Additional Information:An inventory count at the close of business on July 31 reveals that $2,000 ofsupplies are still on hand.-Insurance of $100 expires each month.-Depreciation on the equipment is $960 a year.Analysis reveals that the company performed $800 of services that wasconsidered as unearned revenue in July.The company performed services worth $400 that were not billed to clients on orbefore July 31The company signed a three-month note payable in the amount of $10,000 onJuly 1. The note requires the company to pay interest at an annual rate of 12%.There is $2,400 salaries accrued that are not recorded yet.Required:a- Using IFRS-Journalize the adjusting entries on July 31.Post the adjusting entries to T-accounts.Prepare the adjusted trial balance.

The trial balance is prepared for verifying the books of account. It is prepared by posting the…

- - - Insurance of $100 expires each month. Depreciation on the equipment is $960 a year. Analysis reveals that the company performed $800 of services that was considered as unearned revenue in July. The company performed services worth $400 that were not billed to clients on or before July 31 The company signed a three-month note payable in the amount of $10,000 on July 1. The note requires the company to pay interest at an annual rate of 12%. There is $2,400 salaries accrued that are not recorded yet. Required: a- Using IFRS - Journalize the adjusting entries on July 31. Post the adjusting entries to T-accounts. Prepare the adjusted trial balance.