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 $ 2,000 Accounts receivable 3,250 Equipment 39,000 Accumulated depreciation $ 7,000 Notes payable 5,000 Common stock 21,500 Retained earnings 10,300 Dividends 4,000 Service fees earned 35,500 Rent expense 9,000 Salaries expense 18,550 Depreciation expense 3,500 Totals $79,300 $79,300 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 $ 0x $ 0x $ 0X Stock issuance 0 0 0 Dividends 0 Net income 0 Balance at December 31, End $ 0 x $ 0 x $ Note: Use a negative sign with your accumulated depreciation answer. Beneish Corporation Balance Sheet December 31 Assets Liabilities Cash 0X Accounts receivable 0 X Notes Payable Equipment, gross 0 % Total liabilities Accumulated depreciation 0 X Common stock Equipment, net 0 * Retained earnings Total assets 0 % Total liabilities and equity 0 X 0 x 0 X 0 x OX $ $ (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. Retained Earnings 0X Service Fees Earned 0 x 0 x Beg Bal. 0 0 End Bal. Rent Expense 0 X 0 x Beg Bal. 0 x 0X Beg Bal. End Bal. 0 X 0 0 0 x 0 0 x 0 0 0X End Bal. Depreciation Expense OX 0 X 0 0 Beg Bal. End Bal. 0X Salaries Expense 0 X 0 Beg Bal. End Bal. 0X Dividends 0 x 0 Beg Bal. End Bal. 0 0