Flnancial Statements and Closing Entries Outdoors, Inc. publishes magazines for skiers and hikers. The firm has the following adjusted trial balance at December 31 OUTDOORS, INC. Adjusted Trial Balance December 31 Debi 5,400 18,600 Credit Accounts Recelvable 930 Prepaid Insurance Office Equipment Accum. Depr.-Equipment Accounts Payable Unearned Subscription Revenue Salaries Payable Common Stock Retained Earnings 66,000 $13,000 12,100 10,000 3,500 23,220 Subscription Revenue 188,300 Advertising Revenue Salaries Expense 120.230 Printing and Mailing Expense 85.600 Rent Expense 8,800 Supplies Expense 6,100 Insurance Expense 1,860 Deprecation Expense 5,500 income Tax Expense 1,600 MacBook Air o a F7 FB FIO 5 a. Prepare an income statement and a balance sheet as of December b. Prepare closing entries directly to Retained Earnings in general journal form. a. 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 MacBook Ai 31 Salaries Payable Stockholders Equity (enter as a negative) Retained Earnings b. General Journal Description Debit Credit Date Dec 31 Advertising Revenue To close the Revenue account. 31 Salaries Expense Printing and Mailing Expense Rent Expense Supplies Expense Insurance Expense Depreciation Expense Income Tax Expense To close the expense accounts AnwersPrevious page