E 2-11 Financial statements and closing entries LO6 LO7 3. How much did Eldorado lend its customer on October 317 The December 31, 2013, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Debits Credits Account Title Cash 21,000 300,000 Accounts receivable 20,000 Allowance for uncollectible accounts Prepaid rent 10,000 Inventory 50,000 Equipment 600,000 Accumulated depreciation equipment 250,000 Accounts payable 40,000 60,000 Note payable (due in six months) 8,000 Salaries payable 2,000 Interest payable Ordinary share capital 400,000 Retained earnings 100,000 Sales revenue 800,000 Cost of goods sold 480,000 Salaries expense 120,000 Rent expense 30,000 Depreciation expense 60,000 Interest expense 4,000 Bad debt expense 5,000 Totals 1,680,000 1,680,000 Required: 1. Prepare an income statement for the year ended December 31, 2013, and a classified statement of financial position as of December 31, 2013. 2. Prepare the necessary closing entries at December 31, 2013 12-15