Following is the unadjusted trial balance of Acme Corporation at the end of its first year of operations, December 31, 2018:

The following additional information is available:

a. Prepaid insurance at December 31 amounts to $1,000.

b. A physical count indicates that $800 of supplies is still on hand at December 31.

c. The truck was purchased on August 1; it has an estimated useful life of 5 years and a salvage value of $10,800.

d. One day of salaries for December 31 is unpaid; the unpaid amount of $500 will be included in the first Friday payment in January.

e. The balance in the Unearned Rent Revenue account represents three months rental of warehouse space, effective November 1.

f. A $250 bill for December telephone charges has not yet been recorded.

g. Income taxes expense for the year is $1,000. This amount will be paid in the next fiscal year.

Required:

1. Prepare all necessary adjusting entries at December 31, 2018, including general ledger account numbers. Descriptions are not needed.

2. Prepare an adjusted trial balance at December 31, 2018.

3. Prepare an income statement, statement of changes in equity, and statement of financial position.

4. Prepare closing entries including general ledger account numbers and descriptions.

5. Prepare a post-closing trial balance.

Acct Balance Account DebitCredit 101 Cash 110 Accounts receivable 161 Prepaid insuranc 173 Unused supplies 184 Truck 194 Acc. dep. - truck 210 Accounts payable 226 Salaries payable 248 Unearned rent revenue 260 Income taxes payable 320 Share capital 350 Dividends 410 Commissions earned 440 Rent earned 610 Advertizing expense 615 Commissions expense 624 Dep. expense - truck 631 Insurance expense 632 Interest expense 654 Rent expense 656 Salaries expense 668 Supplies expense 669 Telephone expense 830 Income taxes expense 6,000 8,500 3,600 4.500 30,00 6,800 9,000 25,000 2,000 29,800 400 2,000 500 4,500 8,000 600 70,60 70,600 Acct Balance Account DebitCredit 101 Cash 110 Accounts receivable 161 Prepaid insuranc 173 Unused supplies 184 Truck 194 Acc. dep. - truck 210 Accounts payable 226 Salaries payable 248 Unearned rent revenue 260 Income taxes payable 320 Share capital 350 Dividends 410 Commissions earned 440 Rent earned 610 Advertizing expense 615 Commissions expense 624 Dep. expense - truck 631 Insurance expense 632 Interest expense 654 Rent expense 656 Salaries expense 668 Supplies expense 669 Telephone expense 830 Income taxes expense 6,000 8,500 3,600 4.500 30,00 6,800 9,000 25,000 2,000 29,800 400 2,000 500 4,500 8,000 600 70,60 70,600