please help as I am trying to learn how to do this correctly. Much appreciated

Rhyolite prepares financial statements monthly, including making the necessary journal entries to bring their accounts up-to-date. On December 1x. Rhyolite had the following account balances: During the month of December, the following transactions occurred: a. December 5, sold $200,000 of inventory for cash. The cost of the inventory was $70,000. b. December 12 , issued 100 shares of no-par common stock for $150 per share. c. December 15 , paid $25,000 to creditors. d. December 17 , purchased $50,000 in equipment and signed a 6 month, 10% note. e. December 18 , declared and paid dividends on Common Stock in the amount of $5,000. f. December 31 , incurred $12,000 in wages expense which was paid in cash. g. December 31 , paid $30,000 interest on bonds payable. At December 31, the end of the fiscal year, adjusting entry information included: h. Depreciation on the equipment was $2,500. i. Depreciation on the building was $3,000. j. One-half of the prepaid insurance had expired. 1. Prepare the journal entries for the transactions that occurred during December. Identify the financial statement effects for each transaction. 2. Prepare the adjusting journal entries at December 31. Identify the financial statement effects for each adjusting entry. 3. Post the journal entries to the respective T accounts in the ledger. 4. Prepare an adjusted trial balance. Assume that since there are a relatively small number of transactions, the adjusted trial balance is completed in one step where the seven transactions that occurred during the month are put into the journal and posted to the ledger along with the necessary adjusting entries. In other words, given the simplicity of the problem assume that the beginning account balances constitute the unadjusted trial balance as it is confirmed that debits equal credits on December 1. 5. Prepare an income statement, retained earnings statement, and balance sheet. 6. Make the required closing entry. What purpose does the closing entry serve