Required: Reference the Financial Statements from Project No. 11 1. Record the closing entries to the Income Statement accounts to prepare the books for January a. Show the balancing effects on the accounting equation b. Record the adjusting journal entry in two-line format using debits and credits. c. Show T-Accounts with beginning balances, transactions, and end balances. 2. Record the entry to close Dividends Declared. a. Show the balancing effects on the accounting equation b. Record the adjusting journal entry in two-line format using a debit and a credit. c. Show T-Accounts with beginning balances, transactions, and end balances. 3. Prepare a Post-Closing Trial Balance. Fido's Food Mart Adjusted Trial Balance December 31, 20XX Account Title Debits Credits Cash 56,996 Accounts Receivable 9,512 Allowance for Doubtful Accounts Inventory Supplies Prepaid Insurance Equipment Vehicle 1,260 20,390 650 320 30,550 12,250 Accumulated Depreciation - Equipment and Vehicle 1,780 Accounts Payable Interest Payable Unearned Revenue (Gift Cards) Dividends Payable Bonds Payable (mature 12/31/XX) Common Stock 62,128 400 275 2,200 12,000 46,200 Additional Paid In Capital - Common Stock 300 Dividends Declared Treasury Stock 2,200 1,125 Retained Earnings Sales Revenue Less: Sales Discount 0 134,725 40 Cost of Goods Sold 64,330 Operating Expenses 34,840 Bad Debt Expense 3,260 Bank Charges 15 Depreciation Expense 1,780 Insurance Expense 160 Interest Expense 400 Rent Expense 5,750 Supplies Expense 1,200 Wages Expense 15,500 Totals 261,268 261,268