problem 16 The following is an adjusted trail balance for Fleischer's Motel as of December 31 2002. The accountant for Fleischer's needs to close out the......

Required questions 1 to 4

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Problem 16The following is an adjusted trial balance for Fleischer's Motel as of December 31, 20X2, 71accountant for Fleischer's needs to close out the temporary revenue and expense accountto Income Summary, and then to the Owner's Equity account.Fleischer's MotelTrial BalanceDecember 31, 20X2$7,100700Cash1,300Accounts Receivable4,500Supplies15,000Prepaid Insurance$200Investments3,000Accounts Payable13,000Note Payable47,900Mark Fleischer, Capital670Room RevenueRental Revenue13,7402,000WagesSupplies Expense5,960Utilities Expense9,760Rent Expense4,500Insurance Expense210Interest Expense64,77064,770Required:1. Open the T-accounts for the revenues and expenses as well as the Income Summaryand Owner's Equity accounts.2. Prepare the journal entries necessary to close out the temporary accounts to IncomeSummary, and post the entries to the proper T-accounts.3. Close the Income Summary out to Owner's Equity and post the entry to the properT-account.4. Prepare a post-closing trial balance.Problem 17On September 1, 20X7, Casey Price opened Casey Catering. During that month, sheompleted the following t