Preparation of Closing Entries and an Income Statement Labels and Amount Descriptions Instructions Chart Of Accounts Lobels and Amount Descriptlons General Joumal Incomo Statement Income Statement Income Statement (Label) 1 (Mabel) 7. 3 \begin{tabular}{|l|l|} 4 & \\ 3 & ( Labe) \end{tabular} 16 1 s 10 11 (1) (15) H. 15 Port Austin Bost Repair Inc. has entered and posted its adjusting entries for the current year. The following ara selected account balances after adjustment: Required: 1. Using the accounts and balances above, prepare the closing entries. 2. Prepare an income statement for Port Austin Boat Ropair. \begin{tabular}{|l|l|l|l|} \hline Instructions & Chart Ol Accounts & Labels and Amount Descriptions \\ \hline \end{tabular} General Journal Incomo statement General Joumal GENERC JOUREAL ACCOUNTING ECUATION ant sccount Closing Entries ASSETS Hazemiss tQuity 2 Chart Of Accounts 139 Accumulated Depreciation (Equipment) 517 Repairs and Maintenance Expense 521 Wages Expense LIABILITIES 531 Interest Expense 211 Accounts Payable 532 Depreciation Expense (Equipment) 212 Notes Payable 533 income Taxes Expense 213 Income Taxes Payable 214 Wages Payable 215 Utilities Payable 216 Insurance Payable 217 Interest Payable 218 Rent Payable 219 Uneamed Service Revenue 231 Bonds Payable EQUITY 311 Common Stock 321 Retained Earnings 331 Dividends Declared Chart Of Accounts CHART OF ACCOUNTS Port Austin Boat Repair Inc. General Ledger ASSETS 111 Cash 121 Accounts Recelvable 122 Notes Recelvable 123 Supplies 124 Prepaid Insurance 125 Prepaid Rent 126 Inventory 131 Land 132 Buildings 133 Equipment 134 Fumiture 135 Trucks 139 Accumulated Depreciation (Equipment) REVENUE 411 Sales Revenue 412 Service Revenue 413 Interest Income 414 Rent Revenue EXPENSES 511 Cost of Goods Sold 512 Advertising Expense 513 Supplies Expense 514 Utitities Expense 515 Rent Expense 516 Insurance Expense 517 Repairs and Maintenance Expense 521 Wanas Fxnensa