Emma Enterprises has asked for your assistance in preparing their financial statements. Emma has provided you with the following list of accounts and their account balances. Emma advises you that all accounts have a normal balance and that the balance of the Retained Eanings account reflects the net profit that has been retained in the business. Debit Credit Accounts Payable Accounts Receivable 1,200 12,000 12,000 10,000 3,600 50,000 28,000 13,000 55,000 36,000 3,600 10,000 800 240 6,000 5,000 100 840 25,000 8,000 2,000 20,000 40,000 15,000 1,500 20,000 400 1,300 4,500 iation Delivery Van Advertisin Bad Debts Ex Bank Loan Cash Contributed Capital Cost of Goods Sold Delivery Van Dividends Electricity Pa Insurance Ex Interest Interest Interest Receivable Inv Rent Rent Ex Retained Earnin Salaries Ex Salaries Payable Sales Revenue lies Ex Unearned Revenue Required: A. Identify the normal balance of each account by transferring the dollar amount into the correct debit or credit column. B. Prepare the following financial statements: a. b. c. Income Statement Statement of Changes in Equity (Retained Earnings) Balance sheet C. Record the closing entries in a general journal using only the ledger accounts given