The adjusted trial balance for Beneish Corporation is as follows.

a. Prepare Beneish Corporation's income statement and statement of stockholders' equity for year-end December 31, and its balance sheet as of December 31. The company paid cash dividends of $ 8,000 and there were no stock issuances or repurchases during the year.

b. Prepare journal entries to close Beneish's temporary accounts.

c. Set up T-accounts for each account and post the closing entries.

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BENEISH CORPORATION Adjusted Trial Balance December 31 Debit Cash..... Accounts receivable... Equipment ... Accumulated depreciation. Notes payable.. Common stock.. Retained earnings Dividends..... Service fees earned Rent expense.. Salaries expense Depreciation expense. Totals.. $ 8,000 6,500 78,000 Credit 18,000 8,000 7,000 43,000 37,100 $ 14,000 $162,600 10,000 20,600 75,000 $162,600