Adjusting Entries: Debt Credit Inal Balance Worksheet Closing Entries Debit Credit NOTE: closing entries do not need a date column Complete an income statement (multi-step) For an example of a completed income statement, please see Example 1.4 and Exhibit 1.9 Be sure to place your $ and underlines in the proper places Complete the necessary closing entries for year end For examples of closing entries, please see Example 3.8 remember to show a description for each of the entries remember how the accounts should be entered to show debits and credits The annual premium for the insurance policy was paid on July 1,2022 for $9,180 and posted to prepaid insurance. The office supplies were counted on 12-31-22 and had a balance of $822. The wages and salaries of the sales \& adminstrative staff is $920 per day. The payroll is a weekly payroll and staff work six days a week with Sundays closed The last December payroll was paid on Friday, December 31 st for timecards through Saturday, December 25 th Depreciation for 2022 is $17,229 Customers must make a downpayment for all special order items The actual customer downpayments for which tems had not been sold was $7,282 at 123122 For the Year Ended December 31, 2022