BENEISH CORPORATION Adjusted Trial Balance December 31
	Debit	Credit
Cash	$ 8,000
Accounts receivable	6,500
Equipment	78,000
Accumulated depreciation		$14,000
Notes payable		10,000
Common stock		43,000
Retained earnings		20,600
Dividends	8,000
Service fees earned		75,000
Rent expense	18,000
Salaries expense	37,100
Depreciation expense	7,000
Totals	$162,600	$162,600

(a) Prepare Beneish Corporation's income statement and statement of stockholders' equity for year-end December 31, and its balance sheet as of December 31. The company paid cash dividends of $8,000 and there were no stock issuances or repurchases during the year. (Do not use negative signs with your answers unless otherwise noted.)

Beneish Corporation Income Statement AnswerFor Year Ended December 31December 31
AnswerCashRetained earningsService fees earnedDividendsNotes Payable	$Answer
Rent expense	Answer
Salaries expense	Answer
Depreciation expense	Answer
Net income	$Answer

Beneish Corporation Statement of Stockholders' Equity AnswerFor Year Ended December 31December 31
	Common Stock	Retained Earnings	Total Stockholders' Equity
Balance at December 31, Beg	$Answer	$Answer	$Answ
Stock issuance	0	0	0
AnswerCashNotes PayableDividendsRetained earningsService fees earned (Enter as a negative number)	Answer	Answer	Answer
Net income	Answer	Answer	Answer
Balance at December 31, 2010	$Answer	$Answer	$Answer

Beneish Corporation

Balance Sheet

AnswerFor Year Ended December 31December 31

Assets

Liabilities

AnswerRetained earningsService fees earnedCashNotes PayableDividends	$Answer
Accounts receivable	Answer
Equipment, gross	Answer
Accumulated depreciation (Enter as a negative number)	Answer
Equipment, net	Answer
Total assets	$Answer

AnswerCashNotes PayableRetained earningsService fees earnedDividends	$Answer
Total liabilities	Answer
Common stock	Answer
AnswerCashDividendsNotes payableService fees earnedRetained earnings	Answer
Total liabilities and equity	$Answer

(b) Prepare journal entries to close Beneish's temporary accounts.

GENERAL JOURNAL
Ref.	Description	Debit	Credit
(1)	AnswerRetained EarningsService Fees EarnedStock issuanceCashDividends	Answer	Answer
	AnswerRetained EarningsService Fees EarnedStock issuanceCashDividends	Answer	Answer
(2)	AnswerDividendsService Fees EarnedRent ExpenseRetained EarningsStock issuance	Answer	Answer
	AnswerDividendsService Fees EarnedRent ExpenseRetained EarningsStock issuance	Answer	Answer
(3)	AnswerRetained EarningsDividendsSalaries ExpenseStock issuanceService Fees Earned	Answer	Answer
	AnswerRetained EarningsDividendsSalaries ExpenseStock issuanceService Fees Earned	Answer	Answer
(4)	AnswerStock issuanceRetained EarningsService Fees EarnedDepreciation ExpenseDividends	Answer	Answer
	AnswerStock issuanceRetained EarningsService Fees EarnedDepreciation ExpenseDividends	Answer	Answer
(5)	AnswerService Fees EarnedCashRetained EarningsStock issuanceDividends	Answer	Answer
	AnswerService Fees EarnedCashRetained EarningsStock issuanceDividends	Answer	Answer

(c)Set up T-accounts for each account and post the closing entries. Note: Only those ledger accounts affected by closing process are shown here. (Enter transactions in the T-accounts in the order they appear, including the beginning balances, if available. Compute the final balance, if requested.)

Retained Earnings
	Answer	Answer	Beg Bal.
2	Answer	Answer	1
3	Answer	Answer
4	Answer	Answer
5	Answer	Answer
	Answer	Answer	End Bal.

Service Fees Earned
1	Answer	Answer	Beg Bal.
	Answer 1.00 points out of 1.00	Answer 1.00 points out of 1.00	End Bal.

Rent Expense
Beg Bal.	Answer	Answer	2
End Bal.	Answer	Answer

Depreciation Expense
Beg Bal.	Answer	Answer	4
End Bal.	Answer	Answer

Salaries Expense
Beg Bal.	Answer	Answer	3
End Bal.	Answer	Answer

Dividends
Beg Bal.	Answer	Answer	5
End Bal.	Answer	Answer