Exam 2 V1 List of Accounts for Part 2: Financial Statements and Closing Entries Williams Inc. has the following information for calendar year 2020: 2020 Prepaid Insurance 400 Bank Service Charge Expense 30 Allowance for Doubtful Accounts 80 Cost of Goods Sold 5,900 Inventory 550 Rent Expense 20 Common Stock 14,000 Depreciation Expense 800 Sales Revenue 14,925 Income Tax Expense 2,400 Cash 3,700 Bad Debt Expense 75 Accounts Receivable 1,300 Interest Revenue 5 Accumulated Depreciation 3,750 Retained Earnings 15,550 Salaries Expense 1,200 50 32,375 490 Dividends Building Accounts Payable Part 1 Financial Statements (3 questions) Question 1: Prepare, in good form, the multiple-step Income Statement for Williams Inc. for 2020. (You can receive partial credit) Prepare, in good form, a Statement of Retained Earnings for Williams Inc. for 2020. (You can receive partial credit) Prepare, in good form, the classified Balance Sheet ONLY through the Current Asset section for Williams Inc. for 2020. (You can receive partial credit.) Prepare the first closing entry. Prepare the second closing entry. Prepare the third closing entry. Prepare the fourth closing entry