Question 5 Sameera Enterprises has asked for your assistance in preparing their financial statements. Sameera has provided you with the following list of accounts and their account balances. Sameera advises you that all accounts have a normal balance and that the balance of the Retained Earnings account reflects the net profit that has been retained in the business. Debit Credit Accounts Payable Accounts Receivable Accumulated Depreciation - Delivery Van Advertising Expense Bad Debts Expense Bank Loan Cash Contributed Capital Cost of Goods Sold Delivery Van Depreciation Expense Dividends Electricity Expense Electricity Payable Insurance Expense Interest Expense Interest Payable Interest Receivable Inventory Prepaid Insurance Prepaid Rent Rent Expense Retained Earnings, April 1 Salaries Expense Salaries Payable Sales Revenue Supplies Supplies Expense Unearned Revenue $ 1,200 12,000 12,000 10,000 3,600 50,000 28,000 13,000 55,000 36,000 3,600 10,000 800 240 6,000 5,000 100 840 25,000 8,000 2,000 20,000 40,000 15,000 1,500 120,000 400 1,300 4,500 Required: A. Identify the normal balance of each account by transferring the dollar amount into the correct debit or credit column. B. Prepare the following financial statements: Income Statement b. Statement of Changes in Equity (Retained Earnings) c. Balance sheet C. Record the closing entries in a general journal using only the ledger accounts given. a