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ACG2021 Case Study 4 You are to use the Adjusted Trial Balance for Thomas Signs and prepare an income statement, statement of retained earnings and

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ACG2021 Case Study 4 You are to use the Adjusted Trial Balance for Thomas Signs and prepare an income statement, statement of retained earnings and a balance sheet. Once the financial statements have been completed, journalize the closing entries. Accounts and Explanation Debit Credit Start by closing revenues. Date Dec. 31 Clos. (1) Debit Credit To close revenue. Close expenses for the period. Date Accounts and Explanation Dec. 31 Clos. (2) Debit Credit Close expenses for the period. Date Accounts and Explanation Dec. 31 Clos. (2) To close expenses. Close Income Summary. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (3) Debit Credit To close Income Summary. Close Dividends Date Accounts and Explanation Dec. 31 Page 1 V of 2 Debit Credit To close Income Summary. Close Dividends. Date Accounts and Explanation Dec. 31 Clos. (4) To close Dividends. a To close Dividends. Adjusted Trial Balance for Case study 4.docx Thomas Signs Adjusted Trial Balance December 31, 2020 Balance Account Title Debit Credit Cash $15.800 Accounts Receivable 47,500 Office Supplies 400 Prepaid Insurance 4,500 Building 56,100 Accumulated Depreciation Building $24.600 Equipment 30.000 Accumulated Depreciation- Equipment 7.800 Accounts Payable 24.400 Interest Payable 1.800 Salaries Payable 3.300 Unearned Revenue 1.500 Notes Payable long term) 7.100 Type here to search O a C 7,800 24,400 1,800 3,300 1,500 7.100 14,000 22,000 Equipment Accounts Payable Interest Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Depreciation Expense-Equipment Depreciation Expense --Building Total 2,600 75,200 1,500 17,000 900 1.800 2,200 1.400 $181,700 $181,700 o

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