7 The following transactions apply to Walnut Enterprises for Year 1, its first year of operations: Check my work Part 5 of 5 80 points eBook Print References 1. Received $41,000 cash from the issue of a short-term note with a 4 percent interest rate and a one-year maturity. The note was made on April 1, Year 1. 2. Received $121,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 5 percent 3. Paid $72,500 cash for other operating expenses during the year. 4. Paid the sales tax due on $101,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2. 5. Recognized the accrued interest at December 31, Year 1. The following transactions apply to Walnut Enterprises for Year 2 1. Paid the balance of the sales tax due for Year 1. 2. Received $146,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 5 percent. 3. Repaid the principal of the note and applicable interest on April 1, Year 2. 4. Paid $85,500 of other operating expenses during the year. 5. Paid the sales tax due on $121,000 of the service revenue. The sales tax on the balance of the revenue is not due until Year 3. (For all requirements, round your intermediate and final answers to the nearest whole dollar amount.) 1-1. Record the Year 2 transactions in general journal form. f-2. Post the Year 2 transactions to T-accounts. f-3. Prepare an income statement for Year 2. f-4. Prepare a statement of changes in stockholders' equity for Year 2. f-5. Prepare a balance sheet for Year 2. 1-6. Prepare a statement of cash flows for Year 2. f-7. Prepare closing entries for Year 2 f-8. Post the Year 2 closing entries to T-accounts. f-9. Prepare a post-closing trial balance for Year 2. 7 Required information Part 5 of 5 Req F1 Req F2 and F8 Req F3 Req F4 Req FS Req F6 Reg F7 Req F9 80 points eBook Print Check my work Prepare closing entries for Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < A B References Record the closing entry for service revenue. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal 7 Required information Part 5 of 5 Req F1 Req F2 and FS Reg F3 Req F4 Req F5 Reg F6 ReqF7 Req F9 Submit Check my work Prepare closing entries for Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 80 points View transaction list eBook Journal entry worksheet A B Print References Record the closing entry for expenses. Note: Enter debits before credits. Event 2 General Journal Debit Credit Record entry Clear entry View general journal Submit 7 Part 5 of 5 80 points eflook (For all requirements, round your intermediate and final answers to the nearest whole dollar amount.) f-1. Record the Year 2 transactions in general journal form. f-2. Post the Year 2 transactions to T-accounts. f-3. Prepare an income statement for Year 2. f-4. Prepare a statement of changes in stockholders' equity for Year 2. f-5. Prepare a balance sheet for Year 2. 1-6. Prepare a statement of cash flows for Year 2. f-7. Prepare closing entries for Year 2. 1-8. Post the Year 2 closing entries to T-accounts. f-9. Prepare a post-closing trial balance for Year 2. Complete this question by entering your answers in the tabs below. Check my work Print Req F1 Req F2 and F8 Req F3 Reg F4 Req FS Reg F6 Req F7 Req F9 References Prepare a post-closing trial balance for Year 2. WALNUT ENTERPRISES Post Closing Trial Balance As of December 31, Year 2 Account Titles Debit Credit Totals $ 0 $ 0