both have diferent requirement

Problem 1 Shown below is Adventure Travel's adjusted trial balance as of the end of its annual accounting period: Adventure Travel Adjusted Trial Balance December 31 Dr. Cash ................ Accounts receivable ............ Office supplies Office equipment .................... Accumulated depreciation--Office equipment........ Long-term notes payable................ Brady, Capital...... Brady. Withdrawals.............. .. ...... .. ... Fees earned ....................... Salaries expense........ Rent expense................... Depreciation expense-Office equipment Advertising expense...... Office supplies expense ....... Totals ................... $ 25,000 15,000 4,300 29,600 $5,000 25,000 30,260 1,000 75,000 32,800 16,800 3,960 4,000 2.800 S125.260 S125.260 Required 1. Prepare the necessary closing general journal entries with explanations. (20 points) 2. This is to be typed and submitted as an attachment no later than Friday, March 27 at 8:00 a.m. Make sure you have your name on your documents. The calendar year-end adjusted trial balance for Acosta Co. follows: ACOSTA CO. Adjusted Trial Balance December 31 $ 100,000 7,000 15,000 9.000 3,300 8,000 3,200 350,000 42.000 700,000 Cash Accounts receivable.................. Prepaid rent ............................... Prepaid Insurance............... Office supplies ............... Office equipment........ Accumulated depreciation-Equipment...... Building.............. Accumulated depreciation-Building...... Land ... Accounts payable ......................................... Salaries payable.................... ....... ...... Interest payable ........................................... Long-term note payable ............ Margarita Acosta, Capital Margarita Acosta, Withdrawals ................................. Service fees earned.... ............ .... ..... ...... Salaries expense...... .... Insurance expense......... ..... .... Rent expense.......... Depreciation expense Equipment....... ..... Depreciation expense Building ...... ..... Totals. 5,800 14,500 2,500 52,000 1,010,000 200,500 370,800 90,000 5,200 5,000 800 7,000 S1.500.800 SL.500.800 Required: 1. Prepare in proper format the appropriate year-end financial statements (Income Statement, Statement of Owner's Equity and classified Balance Sheet. (50 points) Note 1: No capital investments were made during the current year. Note 2: A $7,000 installment on the long-term note payable is due within o 2. This is to be typed and submitted as an attachment no later than Friday, March 27 at 8:00 a.m. Make sure you have your name on your documents