At the end of Modern Bicycle Enterprise fiscal year on December 31, 2009, the following accounts appeared in its adjusted trial balance.

Analysis reveals the following additional data.

1- Salaries expense is 70% selling and 30% administrative.

2- Insurance expense is 50% selling and 50% administrative.

3- Rent expense, utilities expense, and peoperty tax expense are genral and administratve expenses.

Instuctrions:

1- Prepare multiple-step income statement for the year emded December 31, 2009

2- Journalize the closing on December 31, 2009.

3- Set up the accounts for the income summary and P. Cesar, Capital. Post to these accounts and find their ending balances.