Financial Statements General Journal Labels and Amount Descriptions Instructions Mackenzie Inc. uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, 2016 Mackenzie Inc. ADJUSTED TRIAL BALANCE December 31, 2016 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2.000.00 2 Accounts Receivable 2.700.00 3 Allowance for Doubtful Accounts 250.00 - Inventory 6,500.00 Prepaid Insurance 800.00 Land 5,200.00 Buildings and Equipment 31,000.00 8 Accumulated Depreciation 15,000.00 3,100.00 9 Accounts Payable 10 Salaries Payable 420.00 11 Uneared Rent 360.00 12 Income Taxes Payable 2.625.00 5,000.00 1 Note Payable 14 Interest Payable 750.00 15 Common Stock 9.000.00 16 Retained Earnings 6.770.00 11 Dividends 1.200.00 15 Income Summary 10 Sales Revenue 30.900.00 20 Rent Revenue 1.440.00 Cost of trade sold 1000 Instructions 21 Cost of Goods Sold 15,040.00 4,800.00 22 Selling Expenses 23 Administrative Expenses 3,000.00 24 Interest Expense 750.00 25 Income Tax Expense 2.625.00 26. Totals 75,615.00 75.615.00 For classification purposes Note payable is due July 1, 2020 Interest payable is due July 1 2020 Required: Prepare in proper form for 2016 the company's General Journal Labels and Amount Descrip Instructions 25 Income Tax Expense 2.625.00 26 Totals 75,615.00 75,615,00 For classification purposes Note payable is due July 1, 2020 Interest payable is due July 1, 2020 Required: Prepare in proper form for 2016 the company's 1. income statement 2. retained earnings statement 3. ending balance sheet 4 closing entries in its general Journal