Following is the unadjusted trial balance of Baltimore Rentals Corporation at the end of its first year of operations, December 31, 20X5:

Account	Debit	Credit
Cash	3,300
Accounts receivable	4,000
Supplies	500
Truck	8,000
Acc. dep. truck		0
Accounts payable		5,000
Unearned rent revenue		2,400
Income taxes payable		0
Capital Stock		7,000
Dividends	1,000
Rent earned		16,000
Commissions expense	1,000
Depreciation expense-truck	0
Supplies expense	0
Salaries expense	7,000
Telephone expense	0
Income tax expense	0
Rent expense	5,600
	30,400	30,400

The following additional information is available:

A physical count indicates that $300 of supplies is still on hand at December 31.

The truck was purchased on July 1; it has an estimated useful life of 4 years.

One day of salaries for December 31 is unpaid; the unpaid amount of $200 will be included in the first Friday payment in January.

The balance in the Unearned Rent Revenue account represents six months rental of warehouse space, effective October 1.

A $100 bill for December telephone charges has not yet been recorded.

Income taxes expense for the year is $300. This amount will be paid in the next fiscal year.

Required:

Prepare all necessary adjusting entries at December 31, 20x5, including general ledger account numbers. Descriptions are not needed.

Using a worksheet template, prepare an adjusted trial balance at December 31, 20x5.

Using a worksheet template, prepare an income statement, statement of retained earnings, and a balance sheet.

Prepare closing entries including descriptions.