Preparing Financial Statements and Closing Entries Note: Use a negative sign for any answer that decreases the balance.

Note: Use a negative sign with your accumulated depreciation answer. GENERRLJOURNAL

$($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.

Beneish Corporation has the following account balances at December $31,$ the end of its fiscal year.

otherwise noted.$)$