4. The latest Adjusted Trial Balance of Eat Them All restaurant is given for Dec 31, 2013. Income Tax is 20% of IBT and payable in Jan 2014. Find the following amounts:

Account	DR	CR
Cash	51,000
A/R	16,000
Inventory	14,000
Supplies	3,000
Equipments	44,000
Acc-Dep(Equipment)		13,000
Sales		90,000
Sales Returns	4,000
Rent Exp	20,000
A/P		8,000
U/P		1,000
Insurance Exp	2,000
Wages Exp	30,000
Capital		21,000
Retained Earnings on Jan 1, 2013		37,000
Dividends	30,000
Service revenue		60,000
C.G.S	10,000
Sales Discount	6,000
Total	230,000	230,000

Net sales: ________ Gross Profit: _________

Income before tax:________

Income Tax: _______

Net Income: _______

Total Current Assets:________

Total Long Term Assets: ________

Total Current Liabilities: ________

Total Long Term Liabilities: ________

Balance of Retained Earnings on Dec 31,2013: _______

Total Shareholders Equity: ________

5. Show the journal entries for closing the temporary accounts for the above trial balance. Then update the T-account for RE.