Chaptel ox:seClosing Entries Using T Accounts and Preparation of Financial Stat ncome: $103,150 P2. Carlton Tennis Club's adjusted trial balance LO 1, 2 at the end of its fiscal yeaollo Carlton Tennis Club Adjusted Trial Balance June 30, 2014 26,200 9,600 1,200 100,000 645,200 Cash Prepaid Advertising 260,000 Accumulated Depreciation-Building 156,000 Equipment 50,400 73,000 9,000 22,500 3,000 471,150 Accumulated Depreciation-Equipment Accounts Payable Wages Payable Property Taxes Payable Unearned Revenue-Locker Fees J. Kojas, Capital J. Kojas, Withdrawals Revenue from Court Fees Revenue from Locker Fees Wages Expense Maintenance Expense Advertising Expense 54,000 678,100 9,600 351,000 51,600 39,750 64,800 6,000 30,000 12,000 22,500 6,900 Utilities Expense Supplies Expense Depreciation Expense-Building Depreciation Expense-Equipment Property Taxes Expense Miscellaneous Expense 576,7501 1,576,750 REQUIRED 1. Prepare T accounts and enter the balances for J. Kojas, Capital: J. Kojas, Withdraw als; Income Summary, and all revenue and expense accounts. 2. Enter the four required closing entries in the T accounts, labeling the cemponents awals),a 3. Prepare an income statement, a statement of owner's equity, and a balance sheet for a (credit balances), b (debit balances),c (Income Summary), and d (withdra appropriate. Carlton Tennis Club. 4. CONCEPT Explain why it is necessary to make closing entries at the end of an accounting period