journalize the closing entries that are necessary.

PRINTER VERSION & RACK CALCULATOR NE Problem 5-3A (Part Level Submission) The Skysong, Inc. is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2019, the following accounts appeared in two of its trial balances. Unadjusted Adjusted Unadjusted Adjusted Accounts Payable $25,300 $25,300 Inventory $28,500 $28,500 Accounts Receivable 30,000 30,000 Notes payable 37,500 37,500 Accumulated Depr.-Equipment 36,500 45,500 Prepaid Insurance 10,900 2,700 Cash 25,500 25,500 Property Tax Expense 2,500 Common Stock 13,200 13,200 Property Taxes Payable 2,500 Cost of Goods Sold 514,500 514,500 Rent Expense 14,200 14,200 Dividends 10,000 10,000 Retained Earnings 61,700 61,700 Freight-Out 5,100 5,100 Salaries and Wages Expense 91,400 91,400 Equipment 145,000 145,000 Sales Commissions Expense 6,500 11,000 Depreciation Expense 9,000 Sales Commissions Payable 4,500 Insurance Expense 8,200 Sales Returns and Allowances 7,700 7,700 Interest Expense Sales Revenue 720,000 720,000 Interest Revenue 10,000 Utilities Expense 8,900 8.900 6,000 6,000 10,000 Prepare a multiple-step income statement. (List other revenues before other expenses. If there is a net loss than enter the amount using either a negative sin preceding the number e.g.-45 or parentheses e.g. (45).) Prepare a multiple-step income statement. (List other revenues befo (45).) 7700 Skysong, Inc. Income Statement For the Year Ended November 30, 2019 Sales Sales Revenue $1720000 Less: Sales Returns and Allowances Net Sales 1712300 Cost of Goods Sold 1514500 Gross Profit T197800 Operating Expenses Freight-Out $ 5100 TUtilities Expense 18900 Salaries and Wages Expense 191400 Rent Expense T14200 Sales Commissions Expense T11000 Depreciation Expense 19000 Insurance Expense 18200 Property Tax Expense 2500 Total Operating Expenses T150300 Income from Operations 147500 Other Revenues and Gains Interest Revenue 110000 TOther Expenses and Losses Interest Expense 16000 14000 Net Sales $151500 nswer is Prepare a retained earnings statement. (List items that Skysong, Inc. Retained Earnings Statement For the Year Ended November 30, 2019 (Retained Earnings, December 1, 2018 $161700 Add: Net Income / (Loss) 1151500 113200 Less Dividends T10000 Retained Earnings, November 30, 2019 $103200 Prepare a balance sheet. Notes payable are due in 2022. (List Current Assets in order of liquidity.) Skysong, Inc. Balance Sheet November 30, 2019 Assets Current Assets Cash 525500 $186700 199500 $186200 TAccounts Receivable Inventory 28500 Prepaid Insurance 2700 Total Current Assets Property, Plant and Equipment Equipment 1145000) Less: Accumulated Depreciation-Equipment 145500 Total Assets Liabilities and Stockholders' Equity Current Liabilities TAccounts Payable $125300 Property Taxes Payable Sales Commissions Payable 14500 Total Current Liabilities Long-term Liabilities Notes Payable Total Liabilities Stockholders' Equity Common Stock [13200 Retained Earnings 1103200 $132300 37500 169800 Total Stockholders' Equity 1116400 Total Liabilities and Stockholders' Equity $186200 Your answer is correct. Journalize the adjusting entries that were made. (Credit account titt Date Account Titles and Explanation Debit Credit Nov. 30 Depreciation Expense 19000) Vaccumulated Depreciation-Equipment B9000) (To adjust depreciation on equipment) Nov. 30 Insurance Expense Insur 18200 Prepaid Insurance 18200) (To adjust insurance expense) Nov. 30 TProperty Tax Expense 12500 B 12500 Property Taxes Payable (To adjust property tax expense) Nov. 30 Sales Commissions Expense T4500) T4500 TSales Commissions Payable (To adjust sales commissions expense) Journalize the closing entries that are necessary. (Credit account titles are automatically indente Date Account Titles and Explanation Debit Credit Nov. 30 (To close accounts with credit balances) Nov. 30 (To close accounts with debit balances) Nov. 30 (To close net income / (loss)) Nov. 30 (To close dividends)