Complete the closing entries and calculate the balances of the accounts.

The completed financial statement columns of the spreadsheet for Oriole Company are shown as follows: Oriole Company Worksheet For the Year Ended December 31, 2022 Income Statement Balance Sheet Account No. Account Titles Dr. Cr. Dr. Cr. 101 Cash 8.900 112 Accounts Receivable 10,700 130 Prepaid Insurance 2.800 157 23.800 Equipment Accumulated Depreciation-Equip. 158 4,300 201 Accounts Payable 8,800 212 Salaries and Wages Payable 2.300 301 Owner's Capital 19,800 306 Owner's Drawings 11.000 400 Service Revenue 59.900 622 1.600 Maintenance and Repairs Expense Depreciation Expense 711 3.100 722 1.700 Insurance Expense Salaries and Wages Expense 726 29.900 732 1.400 Utilities Expense Totals 37,700 59.900 57,400 35,200 Net 22.200 22,200 59.900 59.900 57,400 57,400 Your answer is correct. Prepare a classified balance sheet. (List Current Assets in order of liquidity) ORIOLE COMPANY Balance Sheet December 21, 2022 Assets Current Assets Cash $ 8900 Accounts Receivable 10700 Prepaid Insurance 2600 Total Current Assets Property, plant and Equipment Equipment 23800 Less : Accumulated Depreciation Equipment 4300 Total Assets Liabilities and Owner's Equity Current Liabilities Accounts Payable $ 3800 Salaries and Wages Payable 2300 Total Current Liabilities V Owner's Equity Owner's Capital 04 Total Liabilities and Owner's Equity e Textbook and Media Your answer is correct. Prepare a classified balance sheet. (List Current Assets in order of liquidity) ORIOLE COMPANY Balance Sheet December 21, 2022 Assets 8900 10700 2600 22200 quipment 23800 mulated Depreciation Equipment 4300 19500 41700 Liabilities and Owner's Equity $ 8800 Payable 2300 ities V 11100 20600 Owner's Equity 41700 e Textbook and Media (b) Your answer is correct. Prepare the closing entries. L. Oriole did not make any additional investments during the year. (Credit account tities are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31 Service Revenue 59900 Income Summary 59900 (To close revenue account) Dec. 31 Income Summary 37700 Maintenance and Repairs Expense 1600 Depreciation Expense 3100 Insurance Expense 1700 Salaries and Wages Expense 29900 Utilities Expense 1400 I! A COMO 11 01 dodol (To close expense accounts) Dec. 31 Income Summary 22200 Owner's Capital 22200 (To close net income / (loss)) Dec. 31 Owner's Capital 11400 Owner's Drawings 11400 (To close drawings) e Textbook and Media List of Accounts Attempts: 1 of 3 used Using multiple attempts will impact your score. 10% score reduction after attempt 1 Enter the balances from the adjusted trial balance and post the closing entries and calculate the balances of the accounts:/Post entries in the order of journal entries presented in the previous part) Owner's Capital No. 301 12/31 Owner's Drawings No. 306 Income Summary No. 350 Service Revenue No. 400 Maintenance and Repairs Expense No. 622 Depreciation Expense No. 711 Insurance Expense No. 722 Salaries and Wages Expense No. 726 Utilities Expense No. 732