Instructions At the end of the year, the adjusted trial balance for Devonshire Corporation contains the following amounts for the income statement accounts. (The balance in each account is the normal balance for that type of account.) Chart of Accounts Account Balance ASSETS REVENUE Advertising Fees Revenue S58,500 111 Cash 411 Advertising Fees Revenue 121 Accounts Receivable Interest Revenue 412 Interest Revenue 2.700 Wage and Salary Expense 14,300 141 Inventory 152 Prepaid Insurance EXPENSES Utilities Expense 12,500 154 Supplies 500 Cost of Goods Sold Insurance Expense 7.300 174 Equipment 521 Wage and Salary Expense 532 Utilities Expense 179 Accumulated Depreciation Depreciation Expense 16.250 533 Insurance Expense Interest Expense 2,600 LIABILITIES 534 Rent Expense Income Tax Expense 3,300 211 Accounts Payable 537 Supplies Expense Dividends 2.000 231 Salaries and Wages Payable 235 Notes Payable 541 Depreciation Expense 551 Advertising Expense 261 Income Taxos Payable 559 Miscellaneous Expenses 810 Interest Expense Required: 1. Prepare all necessary journal entries to close Devonshire Corporation's accounts at the end of the year. 2. Assume that the accountant for Devonshire forgets to record the closing entries. What will be the effect on net income for the following year? EQUITY 910 Income Tax Expense 311 Capital Stock 331 Retained Earnings 339 Income Summary 351 Dividends Final Question X 2. Assume that the accountant for Devonshire forgers to record the closing entries. What will be the effect on net income for the following year? by S General Journal 1. Prepare all necessary journal entries to close Devonshire Corporation's accounts at the end of the year. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE POST. REF. DEBIT CREDIT ACCOUNT TITLE Closing Entries 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15