Preparing Financial Statements and Closing Entries Beneish Corporation has the following account balances at December 31, the end of its fiscal year. Debit Credit Cash $4,000 Accounts receivable 6.500 Equipment 78,000 Accumulated depreciation $ 14,000 Notes payable 10,000 Common stock 43,000 Retained earnings 20,600 Dividends 8,000 Service fees earned 71,000 Rent expense 18,000 .. Salaries expense 37,100 Depreciation expense 7,000 Totals $158,600 $158,600 (a) Prepare Beneish Corporation's income statement and statement of stockholders' equity for year-end December 31, and its balance sheet as of December 31. There were no stock issuances or repurchases during the year. (Do not use negative signs with your answers unless otherwise noted.) Beneish Corporation Income Statement For Year Ended December 31 0 0 Salaries expense 0 Depreciation expense Net income Rent expense 0 S 0 Note: Use a negative sign for any answer that decreases the balance. Beneish Corporation Statement of Stockholders' Equity For Year Ended December 31 Common Stock Retained Earnings Total Stockholders' Equity Balance at December 31, Beg $ os 0 $ 0 Stock issuance 0 0 0 0 0 0 Net income 0 0 0 Balance at December 31, End $ 0 $ 0 $ 0 Note: Use a negative sign with your accumulated depreciation answer. Beneish Corporation Balance Sheet December 31 Assets Liabilities $ 0 Accounts receivable 0 0 Equipment, gross 0 Total liabilities 0 Accumulated depreciation Common stock 0 Equipment, net 0 0 Total assets $ Total liabilities and equity $ 0 (6) Prepare journal entries to close Beneish's temporary accounts. GENERAL JOURNAL Ref. Description Debit Credit (1) 0 0 0 0 To close revenue account. (2) O O 0 0 To close rent expense account. (3) 0 0 0 0 To close salaries expense account. (4) 0 0 0 0 To close depreciation expense account. (5) 0 O O 0 To close dividend account. (C) Set up T-accounts for each account and post the closing entries. Note: Only those ledger accounts affected by closing process are shown here. Enter beginning balances in the appropriate answer box. Enter transactions in the T-accounts in the order they appear, using first available answer box on the appropriate side of the T-account. Compute the ending balances. Rent Expense 0 0 Beg Bal. Retained Earnings 0 0 0 Service Fees Earned 0 Beg Bal 0 End Bal. Olo Beg Bal. End Bal. DO 0 0 0 0 0 0 0 End Bal. Dividends Depreciation Expense 0 0 Salaries Expense 0 Beg Ball 0 0 Beg Bal. End Bal. Beg Bal. End Bal. End Bal. 0 0 0 0 0