Financial Statements and Closing Entries Outdoors, Inc. publishes magazines for skiers and hikers. The rm has the following adjusted trial balance at December 31. OUTDOORS. INC. Adjusted Trial Balance December 31 Cash $6 80 Accounts Receivable 22 20 - - - Supplies 5 40 Prepaid Insurance .- - Office Equipment Accum. Depr. - Equipment Accounts Payable - - - Unearned Subscription Revenue 12, ()0 Salaries Payable - 4 00 - - - h N O Common Stock to a l 0 Retained Earnings Subscription Revenue Advertising Revenue Salaries Expense 79 59, Printing and Mailing Expense 102 7 2 6 - Rent Expense - 00 720 320 232 600 0 Ln 5'! D O Supplies Expense Insurance Expense - Depreciation Expense - Income Tax Expense 1 920 Totals $389,784 $389,784 Required a. Prepare an income statement and a balance sheet as of December 31. b. Prepare closing entries in general journal form using the Income Summary account. Note: Do not use negative signs with your answers, unless othen'vise noted (such as Accumulated Depreciation - Equipment). Income Statement Balance Sheet Journal Entries OUTDOORS, INC. Income Statement For Year Ended December 31 Revenue Subscription Revenue Advertising Revenue Total Revenue Expenses Salaries Expense Printing and Mailing Expense Rent Expense Supplies Expense Insurance Expense Depreciation Expense Income Tax Expense Total Expenses Net Income