Exercise 3: At March 31, account balances after adjustments for Marley Cinema are as follows: Account Balances 6,000 4,000 50,000 12,000 5,000 20,000 12,000 60,000 37,000 19,000 12,000 19,000 4,000 16,000 12,000 13,000 5,000 Accounts Cash $ Concession Supplies Theatre Equipment Accumulated Depreciation-Theatre Equipment Accounts Payable Marley, Capital Marley, Drawing Admission Ticket Revenues Popcorn Revenues Candy Revenues Advertising Expense Concession Supplies Expense Depreciation Expense Film Rental Expense Rent Expense Salaries Expense Utilities Expense Instructions: Prepare the closing journal entries for Marley Cinema. Exercise 2: The Trial Balance for Hubbs Company on December 31, 2009 are shown below Credit Debit 25400 Account Cash Account Receivable 7500 Prepaid Insurance Equipment Accumulated Dep. - Equipment Account Payable Note payable Salaries Payable Bond Payable 1800 68000 8600 11000 700 3000 20000 Hubbs, Capital Drawings Service Revenue Repair Expense Dep. Expense Salaries Expense Utilities Expenses 34000 7200 44000 3400 2800 1200 4000 121300 121300 Instructions: a) Prepare income statement and classified balance sheet on 31/12/2009. b) Prepare closing entries in 31/12/2009