On December 1. Ed Wavetly began an auto repair shop, Waverly's Quality Automotive. The following transactions occurred during December: (Click the icon to view the transactions) (Cick the icon to view the accounts) Adjustment data (Click the icon to view the acjusting data) Read the equiements Requirement 5. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in report form. Begin by preparing the income statement, (f a box is not used in the statenent, leave the box empty, do not select Proparo tho statement of owner's equity. Entor any inceeses in capeal prior to the subtotal and any decteases to capital below the subtotal (Enter a "O" for any zero balances) Prepare the classified balance sheet in report form as of December 31, 2024. Begin by preparing the asset section of tha halanma chnat and than nranare the liahilitiess and owner's eauitv sections. (If a box is not used in the Requirement 6. Prepare the closing entries and post to the T-accounts Begin by preparing the closing entries. (Recotd debits first then crodits. Select the explanation on the last line of the journal entry table.) Start by closing revenues Close expenses for the period Close Income Summafy. Close withdrawals Post the closing entries to the T-accounts First, enter "Bal." and the adjusted balance of each account from Requirement 7 . Prepare a post-closing trial balance. On December 1. Ed Waverly began an auto repair shop, Waverty's Quality Automotive. The following transacions occurred during Decomber. (1) (Cick the icon to view the transactions) (1) (Click the icon to view the accounts) Adjustment data (1) (Click the icon to view the adjusting data) More info More info Cash; Accounts Receivable. fico Supplies, Propaid lasurance, Land: Equipment Accumulated Depreclation-Equipment, Accounts Paycble, Uwicios PayabloInterest Payable, Unearned Revenue, Notes Payable, Waverly, Capital, Wavedy. Withdrawah, Income Summary Service Revenue, Salarks Expense, Rent Expense, Utiities Expense. Advertising Expense, Supplies Exponse; insurance: Expense, Interest Expense, and Depreclation Experse- Equpment, More info a. Otice Supples tised during the month, $1,600. b. Depreciation for the month. 5150 c. One month insurance has expered d. Accived intereat Experse. S60