Required: 1. Record journal entries, including adjusting entries when needed, for each of the ten transactions above. Use the account names from the trial balance above. Post the journal entries in the T-accounts below. Record the closing entry (to reset income statement accounts) Prepare a balance sheet and income statement for the year ended December 31, 2017. Start with the income statement. Remember that the retained earnings on the ending balance sheet should already incorporate the closing entry 2. 3. 4. Exercise 3- Comprehensive Problem: Nathalie Ine. repairs cellular phones. Nathalie Inc.'s fiscal period ends on December 31. Below is Nathalie Ine.'s trial balance on January 1, 2017 Account title Accounts receivable Debit Credit 4,800 14 Accumulated ation (on 4,380 unts payable Note payable Wages payable Interest payable Income taxes 800 500 100 Common stock (100,000 shares, $0.001 par value) ditional paid-in capita Retained earni 21,120 Service revenu Interest e In addition, the following transactions occurred in 2017 Purchased new equipment for $3,000 in cash. Depreciation expense in 2017 for new and existing equipment is $2,000 Borrowed $5,000 on April 1, 2017, signing a one-year 6% note payable. The interest will be paid on March 31,2018 (a) (b) (c Issued 20,000 shares for $1,000 in cash on January 1, 2017 (d Earned S5,000 revenues during 2017. $4,000 in cash and the rest on acc ount (e In addition to (d), earned $2,500 revenues for which Nathalie Ine. was given a deposit in 2016 (f) Received a $1,000 down payment for services to be provided in 2018. (g) Paid $800 to employees for work performed in 2016 (h) Wages expense in 2017 was S5,000. S4,500 was paid in 2017. The remaining $500 will be paid in 2018 Purchased $800 of supplies on account. Supplied at the end of 2017 were $2,500 (you need to record the purchase and the supplies expense). (i) Tax expense for the year was $750, to be paid in 2018