Part 3 Prepare the Closing Journal Entries-20 Points 1. (20 Points) The income statement columns of a December 31, 2016 worksheet for G only the following Credit 90,700 Debit Service revenue Wages expense Rent expense Supplies expense Depreciation expense Income tax expense 36,000 17,000 6,800 2,800 5,900 The balance sheet columns of the worksheet also show "Dividends" with a debit balance of $12,000. Prepare journal entries to close Revenue, Expenses and Dividend Accounts. 1) Journal Entry to Close Revenue Account Date Account Debit 2) Journal Entry to Close Expense Accounts Date Account Debit Credit Date Account Debit Credit 12/31/16 7I Page Part 4 Prepare the Financial Statements-40 Points The Grateful Bread Company bakes and distributes organi in San Francisco. to supermarkets and specialty retail food stores in the greater following is the adjusted Trial Balance for Year Ended December 31, 2019: bread and other health food items "Bay Area" in San Francisco. The The Grateful Bread Company Trial Balance-12/31/19 Journal Entries Debit Credit Cash Accounts Receivable Merchandise Inventory Machinery & Equipment Computer Equipment Delivery Trucks Accumulated Depreciation-Equip.43,500 Accounts Payable Loans Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Advertising Expense Salaries Expense Utilities Expense Repairs Expense Insurance Expense Interest Expense 14,500 32 325,000 24,000 76,000 850,170 20,125 82,000 10,420 8IPage REQUIREMENTS 1) Prepare an Income Statement for the Grateful Bread Company 2) Prepare a Balance Sheet for the Grateful Bread Company The Grateful Bread Company Income Statement For the Year Ended December 31, 2019 RevenuO Cost of Goods Sold Total Operating Expenses Net Income Mal Wart Balance Sheet For the Year Ended December 31, 2013 Assets Cash Less: Accumulated Depreciation Total Assets 91Page