I need Closing Entries

Review View Developer Help Power Data Home Formulas Insert Page Layout o E F G * R =627-628 c ABC Corporation Income Statement For the Year Ended December 31, 2016 Revenue Cost of Goods Sold $790,000 $147.000 $643,000 $643,000 Gross Margin Operating Expense Advertising Expense Depreciation Expense Insurance Expense Office Expense Utilities Expense Wage Espense Bad Debt Total Operating Expense $9,240 $11,165 $22,500 $28,500 $33,571 $67,150 $75.000 $247,126 $247,126 $395,874 Operating Income Other Income/expense Rent Revenue Loss on Inventory Interest Expense Los on Impament Income before Taxes Income Tax Expense Net Income $4,500 $17,200 $30,571 $5,000 TO- $347,603 $99.000 $248,603 ... Adjustments Needed Adjusting Journal Entries Adjusted Trial Balance Income Statement sth Ready Type here to search ABC Corporation Adjusted Trial Balance December 31, 2016 Debit 875,444 442,120 100,000 4,500 88,000 75,000 17,200 695,271 56,774 37,500 1,265 21,600 Cash 8 Accounts Receivable 9 Inventory 10 Purchases 11 Pre-Paid Insurance 12 Land 13 Allowance for Doubtful Accounts 14 Allowance to Reduce Inventory to NRV 15 Bonds Payable 16 Premium on Bonds Payable 17 Building 18 Accumilated Deprication-Building 19 Equipment 20 Accumilated Deprication Equipment 21 Patent 22 Account Payable 23 Notes Payable 24 Income Tax Payable 25 Uneamed Rent Revenue 26 Common Stock 27 Retained Earnings 28 Dividends 29 PIC in Excess of Par - Common Stock 30 Sales Revenue 31 Advertising Expense 32 Wages Expense 33 Office Expense 34 Deprication Expense 9,900 45,000 88,851 40,000 99,000 9,000 135,000 28,000 130,000 790,000 9,240 67,150 28,500 11,165 44 LOPULUUILLAPU 33,571 10,000 22,500 99,000 4,500 5,000 5 Utilities Expense 16 Treasury Stock 7 Insurance Expense 48 Income Tax Expense 19 Rent Revenue 40 Wages Payable 41 Interest Expense 42 Interest Payable 43 Loss on Inventory 44 Loss on Impairment 45 Cost of Goods Sold 46 Bad Debt Expense 47 PIC from Treasury Stock 30,571 35,300 17,200 5 ,000 147,000 75,000 Total 2,198,061 6,000 2,198,061 ... Adjustments Needed Adjusting Journal Entries Adjusted Ready to Type here to search OBI AutoSave Of 2 - AC322 - Comprehensive Problem - Spring File Home Insert Page Layout Formulas Data Review View Devel D10 X f =D8-09 AN- ABC Corporation Statement of Retained Earnings For the Year Ended December 31, 2016 7 Retained Earnings January 1, 2016 8 Net Income 9 Dividends $248,603 $28,000 $220,603 Retained Earming