MCDONALD COMPANY Worksheet For the Year Ended December 31, 2017 Adjusted Trial Balance Cr. Dr. 11,600 15,400 2,000 2,800 34,000 Account Title Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Owner's Capital Owner's Drawings Service Revenue Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Interest Expense 8,000 20,000 9,000 3,500 800 25,000 10,000 85,000 12,000 5,700 8,000 5,000 44,000 800 151,300 151,300 Totals (a) Complete the worksheet by extending the balances to the financial statement columns (b) Prepare an income statement, owner's equity statement, and classified balance sheet. (c) Prepare the closing entries. (d) Brief Discussion Question: Do you agree that closing entries should be recorded prior to adjusting entries