QS 4-5Classifying temporary and permanent accounts LO2 You are the accountant at Stephos Greek Taverna. After completing the December 31, 2017 financial statements, you need to post the closing entries to prepare for the 2018 year. Start the process by completing the following table. Required: 1. Identify whether the following accounts are temporary or permanent with an " and 2. Determine what financial statement(s) each account is recorded on (Income statement, Balance Sheet or Statement of Changes in Equity). Note that some accounts may be recorded on more than one financial statement. Account Temporary? Permanent? (2) Financial Statement? a. Accounts Payable b. Insurance Expense c. Delivery Vehicle d. Interest Income e. Uneamed Revenue Accumulated Depreciation g. Stephon Petridis, Capital h. Depreciation Expense i. Stephos Petridis, Withdrawals 1. Wages Payable k. Prepaid Insurance I. Utility Expense m. Building n. Supplies Expense Exercise 4-6Preparing closing entries and the post-closing trial balance LO2,3,4 CHECK FIGURE: Post-closing trial balance columns = $51.300 The adjusted trial balance at April 30, 2017, for Willard Co. follows Debit Credit $ 3,600 8,500 26,000 13,200 101 106 153 154 193 201 209 233 301 302 401 611 622 640 677 901 Cash Accounts receivable. Trucks Accumulated depreciation, trucks.. Franchise...... Accounts payable. Salaries payable Uneamed revenue Sid Willard, capital Sid Willard, withdrawals Plumbing revenue Depreciation expense, trucks Salaries expense Rent expense..... Advertising expense Income summary Totals. $ 8,250 4,600 3,200 1,300 29,100 4,600 42,050 4,900 17,800 3,000 6,900 $93,500 $93,500