Massit Advertising Services Adjusted Trial Balance 31-Dec-18 Balance Credit Account Tit Debit $9,000 Cash 9,100 Accounts R 700 Office Supp 55,000 Land 60,000 Building Accumulated Deprecia $23,000 15,000 Furniture Accumulated Deprecia Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-te 7,000 4,000 800 3,500 17,000 Common Stock 75,600 21,000 Dividends 67,200 Service Revenue Salaries Ex Supplies Ex Depreciatic Depreciatic Advertising 16,000 1,800 6,000 2,500 2,000 $198,100 $198,100 Total 3 of 4 (2 complete) This Question: 1 pt The adjusted trial balance of Massit Advertising Services, at (Click the loon to view the adjusted trial balance) Requirements Read the reguirements Requirement 1. Prepare the income statement for the year e a label or enter a zero.) 1. Prepare the income statement for the year ended December 31, 2018 2. Prepare the statement of retained earnings for the year ended December 31, 2018 3 Prepare the dassified balance sheet at December 31, 2018 Use the report form 4 Caloulate the current ratio at December 31, 2018 Massit Advertising Services Income Statement Year Ended December 31, 201 5. Journalize and post the closing entries. Indicate the balance of the Retained Eamings account ater the closing entries are posted 6. Prepare a post-closing trial balance at December 31, 2018 Done Print Choose from any list or enter any number in the input field W 44 This Quiz: 4 The adjusted trial balance of Massit Advertising Services, at December 31, 2018, follows. This is the first year of operations EER (Click the icon to view the adjusted trial balance.) Read the reguirements The adjusted balance CAdj Bal.) of each account has been entered for you Post the olosing eneies to the T-accounts and calculate each account's post-elosing balsance Use Dec 31"as a posting refarence for yov elosing entries, and "Bal references to denote post-dlosing belances Indlude a post-closing baiance for each T-account inoluding those that were not closed). For any accounts with a zero balance afer olosing enten a "0 on the normal side of the account For Income Summary, calou/ate and enter the baiance (Bal) before postng the entry to ciose out the sccount Post the entry to close the Inoome Summary account on the same ine as you entered the balance prior to closing (me second line) and then show me post-closing balance Bal)on the last third) ine of the accourt (Abbreviation used Acoum Acoumulated) Review the closing journal entes you prepared above Cash Accbunts Pay able Service Revenue 9.000 40O0 Ad R Ad, Bal e7 200 A Choose from any ist or enter ony number in the inout fields and theneoninue to the ned ueston W eea 4 7