1. The End of the Accounting Cycle - the closing process (The return of Jam J!): Jam J, Corp. provides guitar lessons to customers. The financial statements for 2017 are given below. Given these financial statements, complete the following: PART A-Record closing entries: Record all four closing journal entries using the information in the financial statements for Jam) given below. For revenue and expense accounts, don't forget to close to the 'Income Summary' account first before closing the net income/(loss) amount to Retained Earnings. PART B-Prepare a post-closing trial balance: After completing PART A, prepare a post-closing trial balance for Jam J, Inc. as of December 31, 2017 with the list of accounts in the following order: assets, liabilities, common stock, and retained earnings. Jam J, Inc. Income Statement For the period ended December 31st, 2017 Service Revenue $195,575 Expenses: Salaries Expense $143,560 Supplies Expense 8,770 Depreciation Expense 1,625 Interest Expense 350 Utilities Expense 11,400 Total Expenses $ 165,705 Net Income (Loss) $29,870 Total SHE Jam J, Inc. Statement of Shareholders Equity For the period ended December 31, 2017 Common Stock Retained Earnings Beginning Balance, 1/1 $11,775 (assumed) $10,500 CS issuances $0 (assumed) Add: Net Income (from 1/S) $29,870 Less: Dividends (2,500) Ending Balance, 12/31 $11,775 37,870 $22,275 $0 $29,870 (2.500) $49,645 Jam J, Inc. Balance Sheet As of December 31, 2017 ASSETS Current Assets: Cash A/R Supplies $21,325 16,560 1,630 39,515 Total Current Assets Long-term Assets: Building Accumulated Depreciation-Building 65,000 (1,625) 63,375 $102,890 Total Long-term Assets TOTAL ASSETS LIABILITIES Current Liabilities: A/P Deferred Revenue Salaries payable Interest payable $10,500 135 2,260 350 13,245 Total Current Liabilities Long-Term Liabilities: Notes payable 40,000 53,245 TOTAL LIABILTIES SHAREHOLDERS' EQUITY Common Stock Retained Earnings 11,775 37,870 49,645 TOTAL STOCKHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $102,890