Debit	Credit
101	Cash	17,800
112	Accounts Receivable	14,400
126	Supplies	2,300
130	Prepaid Insurance	4,400
151	Equipment	46,000
152	Accumulated Depreciation-Equip		18,000
200	Notes Payable		20,000
201	Accounts Payable		8,000
212	Salaries and Wages Payable		2,600
230	Interest Payable		1,000
311	Common Stock		15,000
320	Retained Earnings		9,800
332	Dividends	12,000
400	Service Revenue		86,200
610	Advertising Expense	10,000
631	Supplies Expense	3,700
711	Depreciation Expense	6,000
722	Insurance Expense	4,000
726	Salaries and Wages Expense	39,000
905	Interest Expense	1,000
	Totals	160,600	160,600

a) Prepare an income statement, a retained earnings statement, and a classified balance sheet,b) Prepare the closing entries c) Calculate Gross profit rate and profit margin