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Problems: Set A 1 The adjusted trial balance for Marine Fishing Centre is as follows: Prepare fina statements. and post-d balance. (S Credit $ 31,150 18,100 5,875 MARINE FISHING CENTRE Adjusted Trial Balance March 31, 2014 Debit Cash $ 7,720 Interest receivable 750 Supplies 1.425 Debt investments 30,000 Land 46.800 Building 186.900 Accumulated depreciation--building Equipment 36.200 Accumulated depreciation-equipment Accounts payable Interest payable Unearned revenue Notes payable ($6,000 must be paid in 2015) R. Falkner, capital R. Falkner, drawings 46,200 Service revenue Interest revenue Depreciation expense 9,850 Interest expense 3,960 Insurance expense 4,500 Salaries expense 30,000 Supplies expense 5,700 Utilities expense 5,400 $415,405 990 2,190 66,000 165,300 124,300 1,500 $415,405 Instructions (a) Calculate profit or loss for the year. (Note: It is not necessary to prepare an income statement.) b) Prepare a statement of owner's equity. The owner, Rachael Falkner, invested $2,300 cash in the basi ness during the year. (Note: This transaction has been correctly recorded.) (c) Prepare a classified balance sheet. (d) Prepare closing entries in general journal form. (e) Use T accounts to post the closing entries and calculate the balance in each account. (Ignore the accounts not affected by the closing entries.) In Prepare a post-closing trial balance and compare the balance in the R. Falkner, Capital account with the information in the statement of owner's equity