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Question - The following accounts and corresponding balances are extracted from financial statements for the month ended 31 March 2019 of Kings Ltd., a service company operating in the education industry in New Zealand:
Cash 52,000
Receivables 28000
Office supplies
Prepaid insurance 1300
Plant and equipment 250,000
Accumulated depreciation- plant and equipment 58600
Accounts payable 41,200
Salaries payable 12000
Rent received in advance 24000
Share capital 150,000
Retained earnings 32,000
Service revenue 356,000
Rent revenue 28,000
Supplies expense 35,000
Rent expense 59,000
Insurance expense 4,200
Depreciation expense 41300
Salaries expense 228,600
Required - Use the above information to create an income statement and a balance sheet for Kings for the month ended 31 March 2019.
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