1, Post the opening balances and adjusting entires into the appropriate t-accounts.

2, Prepare an adjusted trial balance.

3, For requirement 3, Assume that no common stock was issued during the year and that $3,600 in cash dividends were paid to shareholders during the year.

Prepare the income statement, statement of shareholders' equity and classified balance sheet for the year ended December 31, 2016.

4, Prepare closing entries

5, Prepare a post-closing trial balance.

Pastina Company sells various types of pasta to grocery chains as private label brands. The company's fiscal year-end is December 31. The unadjusted trial balance as of December 31, 2016, appears below.

Account Title	Debits	Credits
Cash	41,650
Accounts receivable	41,000
Supplies	1,000
Inventory	61,000
Note receivable	15,000
Interest receivable	0
Prepaid rent	1,000
Prepaid insurance	0
Office equipment	60,000
Accumulated depreciation?office equipment		22,500
Accounts payable		20,000
Salaries and wages payable		0
Note payable		45,000
Interest payable		0
Deferred revenue		0
Common stock		60,000
Retained earnings		15,000
Sales revenue		153,000
Interest revenue		0
Cost of goods sold	68,850
Salaries and wages expense	15,000
Rent expense	5,500
Depreciation expense	0
Interest expense	0
Supplies expense	500
Insurance expense	3,000
Advertising expense	2,000
Totals	315,500	315,500

	Information necessary to prepare the year-end adjusting entries appears below.
1.	Depreciation on the office equipment for the year is $7,500.
2.	Employee salaries and wages are paid twice a month, on the 22nd for salaries and wages earned from the 1st through the 15th, and on the 7th of the following month for salaries and wages earned from the 16th through the end of the month. Salaries and wages earned from December 16 through December 31, 2016, were $800.
3.	On October 1, 2016, Pastina borrowed $45,000 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years.
4.	On March 1, 2016, the company lent a supplier $15,000 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2017.
5.	On April 1, 2016, the company paid an insurance company $3,000 for a two-year fire insurance policy. The entire $3,000 was debited to insurance expense.
6.	$500 of supplies remained on hand at December 31, 2016.
7.	A customer paid Pastina $960 in December for 800 pounds of spaghetti to be delivered in January 2017. Pastina credited sales revenue.
8.	On December 1, 2016, $1,000 rent was paid to the owner of the building. The payment represented rent for December 2016 and January 2017, at $500 per month.