Prepare the income statement and the balance sheet for 20-8.

Journalize the adjusting and closing entries.

Post the adjusting and closing entries in T-accounts.

Additional Information 1. Bills arriving in January 20-9 that pertain to the 20-8 fiscal period are Supplies and Materials $ 509.60 Car Expense 200.00 Truck Expense 746.20 Miscellaneous Expense 35.00 Total $ 1 490.80 2. The value of materials and supplies at year-end amounted to $8013.56. 3. The value of unexpired insurance at year-end amounted to $1325.00. 4. Advertising Revenue of $8903 was recorded in December 20-8, but this amount was for ads to be run in January and February of 20-9. 5. Depreciation is calculated on a straight-line basis. . Buildings: cost, $630 000; estimated salvage value, $30 000; estimated life, 40 years . Equipment: cost, $95 700.00; estimated salvage value, $20 000; estimated life, 10 years . Automotive Equipment: cost, $75 325.00; estimated salvage value, $5325.00; estimated life, seven yearsOakville Journal Worksheet December 31, 20-8 TRIAL BALANCE ACCOUNTS Debit Credc Bank 20 0 0- Accounts Receivable 15 3 1 7 20 Supplies and Materials 23 7 9 5 16 Prepaid Insurance 420 0 - Land 775 0 0 0 - Buildings 630 0 0 0 - Acc. Dep. - Buildings 45 0 0 0 - Equipment 95 7 0 0 - Acc Dep. - Equipment 22 7 1 0 - Automotive Equipment 75 3 2 5 - Acc Dep. - Automotive Equipment 30 0 0 0 - Accounts Payable 9 2 1 6 42 HST Payable 12 8 0- HST Recoverable 7 50 Bank Loan 100 0 0 0 Mortgage Payable 660 0 0 0 - R.Lucht, Capital 729 4 4 8 91 R Lucht, Drawings 50 0 0 0- Revenue - Advertising 218 9 4 6 Revenue - Circulation 9 3 1 5 - Bank Interest and Charges Expense 12 1 5 0 Building Maintenance Expense 3 2 2 0 Car Expense 4 9 6 0 50 Miscellaneous Expense 5 9 4 0 13 Mortgage Interest Expense 36 30 0 - Office Expense 1 2 40 - Office Salaries Expense 34 3 1 9 15 Sales Promotions Expense 2 7 50 - Telephone Expense 2 9 4 6 - Truck Expense 26 3 3 4 19 Utilities Expense 11 3 5 0- Wages Expense 94 3 1 9 - 1907 9 1 6 33 907 9 1 6 33