Post the closing journal entries and calculate and enter balances. Assume Tobique closes its books monthly. (Post entries in the order of journal entries presented in the previous part. If the ending balance is 0 select Bal for the date and enter 0 for the normal balance for that account.)

Prepare a statement of changes in equity. TOBIQUE LTD. Statement of Changes in Equity Month Ended August 31, 2018 Common Shares Retained Earnings Total Equity Balance, Aug. 1 11400 5950 17350 Dividends Declared 0 (530) (530) Net Income 1135 1135 Balance, Aug. 31 11400 6555 $ 17955 TOBIQUE LTD. Statement of Financial Position August 31, 2018 Assets Current Assets Cash 3950 > Accounts Receivable 6060 Prepaid Advertising 180 Supplies 10201 Notes Receivable 4000 Interest Receivable 40 Total Current Assets 15250 Property, Plant and Equipment Property, plant and Equipment Equipment 11110 Less 2035 9075 Accumulated Depreciation - Equipment Total Assets 24325 Liabilities and Shareholders' Equity Current Liabilities Accounts Payable 3270 Salaries Payable 1470 Income Tax Payable 300 Unearned Revenue 1330 Total Liabilities 6370 Current Liabilities Accounts Payable 3270 Salaries Payable 1470 Income Tax Payable 300 Unearned Revenue 1330 Total Liabilities 6370 Shareholders' Equity Common Shares 11400 Retained Earnings 6555 Total Shareholders' Equity 17955 Total Liabilities and Shareholders' Equity v 24325 SHOW LIST OF ACCOUNTS SHOW ANSWER Date Account Titles and Explanation Debit Credit 1. Aug. 31 Service Revenue 8930 Interest Revenue 20 > Income Summary 8950 (To close revenue accounts) 2. Aug. 31 Income Summary 7815