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 $2,70 Accounts Receivable 3,270 Supplies 5,060 Prepaid Insurance 1,500 Equipment 6,400 Accum. Depr. - Equipment $1,080 Accounts Payable 845 Long - Term Notes Payable 7,00 Common Stock 3,00 Retained Earnings 5,205 Dividends 2,900 Service Fees Earned 62,400 Rent Expense 15,000 Salaries Expense 33,400 Supplies Expense 4,700 Insurance Expense 3,250 Depreciation Expense-Equipment 720 Interest Expense 630 Totals $79,530 $79,530 Required a. Prepare an income statement and a statement of stockholders' equity for the year, and a balance sheet as of December 31. b. Prepare closing entries directly to Retained Earnings in general journal form. Income Statement Statement of Stockholders Equity Balance Sheet Journal Entries General Journal Date Description Debit Credit Dec 31 $ J $ 0 o To close the Revenue account. 31 Rent Expense Salaries Expense o Supplies Expense Insurance Expense o Depreciation Expense-Equipment Interest Expense O oo To close the expense accounts. 31 0 O o o To close the dividends account