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 Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Accum. Depr. - Equipment Accounts Payable Unearned Subscription Revenue Salaries Payable Common Stock Retained Earnings Subscription Revenue Advertising Revenue 144 276 Salaries Expense Printing and Mailing Expense Rent Expense Supplies Expense Insurance Expense 600 Income Tax Expense 1,920 Totals $389,734 Depreciation Expense 4:. :3 $3 89, 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 otherwise noted (such as Accumulated Depreciation - Equipment). Income Statement Balance Sheet Journal Entries OUTDOORS, INC. Balance Sheet December 31 Cash 33 0 Accounts Payable 1i 0 Accounts Receivable U Unearned Subscription Revenue 0 Prepaid Insurance Total Liabilities 0 Ofce Equipment Less: Accum. Depr. - Equipment (enter as a negative} 0 Stockholders' Eqty Common Stock 0 D D 00 Retained Earnings D Total Stockholders' Equity O Total Assets $ 0 Total Liabilities and Stockholders' Equity 1i