Question 3 (30 points)

The following adjusted TRIAL Balance is given for ACAR Photography.

ACAR Photography Adjusted TRIAL BALANCE Dec., 31, 2018
Accounts	Debit	Credit
Cash	30.000
Accounts receivable	60.000
Supplies	15.000
Notes Receivable	6.400
Land	80.000
Building	320.000
Accumulated Depreciation- Building		42.000
Equipment	150.000
Accumulated Depreciation- Equipment		17.000
Accounts Payable		24.000
Salaries Payable		4.000
Unearned Service Revenue		50.000
Notes Payable		200.000
Capital, ACAR		24.580
Withdrawals	46.000
Service Revenue		578.000
Salaries Expense	122.000
Depreciation Expense	12.300
Supplies Expense	28.080
Rent Expense	28.000
Utilities Expense	41.800
	939.580	939.580

Requirement:

Make closing entries (10 points) and prepare the following Financial Statements;

1. Income Statement for the period (10 points)
2. Balance Sheet at Dec.31, 2016 (10 points)