Financial Statements and Closing Entries The adjusted trial balance shown below is for Fine Consulting Service as of December 31. Byran Fine made no capital contributions during the year. FINE CONSULTING SERVICE Adjusted Trial Balance December 31 Debit Credit Cash $2,700 3,270 3,060 1,500 6,400 $1,080 845 7,000 2,000 5,205 Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Depr. - Equipment Accounts Payable Long - Term Notes Payable Common Stock Retained Earnings Dividends Service Fees Earned Rent Expense Salaries Expense Supplies Expense Insurance Expense Depreciation Expense-Equipment Interest Expense Totals 2.900 58,400 12,000 33,400 4,700 3,250 720 630 $74,530 $74,530 4:05 3/24 a. Prepare an income statement and a statement of stockholders' equity for the year, and a balance sheer as b. Prepare closing entries directly to Retained Earnings in general journal form. Income Staternent Statement of Stockholders Equity Balance Sheet Journal Entries G NOTE: Do not use negative signs with answers, unless otherwise noted (such as dividends, accumulated depreciation). FINE CONSULTING SERVICE Income Statement For Year Ended December 31 Revenue - Service Fees Earned Expenses Rent Expense Salaries Expense Supplies Expense Insurance Expense Depreciation Expense-Equipment Interest Expense Total Expenses Net Income Check b. Prepare closing entries directly to Retained Earnings in general journal form. Balance Sheet Journal Entries Income Statement Statement of Stockholdeth Equity FINE CONSULTING SERVICE Statement of Stockholders' Equity For Year Ended December 31 Common Stock Retained Earnings Total Balance, January 1 Add: Net Income Less: Dividends paid (enter as a negative) Balance, December 31 $ $ $ Check Previous Save Answers Assets FINE CONSULTING SERVICE Balance Sheet December 31 Liabilities $ Accounts Payable Long-Term Notes Payable Total Liabilities Cash Accounts Receivable Supplies Prepaid Insurance Equipment Less:Accum. Depr.- Equipment(enter as a negative) Stockholders Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 5 $ Total Assets Check a. Prepare b. Prepare closing entries directly to Retained Earnings in general journal form. Balance Sheet Jouyal Entries Income Statement Statement of Stockholders Equity General Journal Description $ Debit Credit Date $ Dec 31 To close the Revenue account 31 Rent Expense Salaries Expense Supplies Expense Insurance Expense Depreciation Expense-Equipment Interest Expense To close the expense accounts. 31 To close the dividends account. Check Pottomnt-1837687&rmid=258748&page=1#p3_8a_r5_tab4