The completed adjusted trial balance for Pharoah Company is below. PHAROAH COMPANY Adjusted Trial Balance December 31, 2021 Account No. Account Titles Dr. Cr. 101 Cash 9,200 112 Accounts receivable 9,800 130 Prepaid insurance 1,600 157 Equipment 23,000 158 Accumulated depreciation-equipment 4,300 201 Accounts payable 8,300 212 Salaries payable 1,400 301 L. Pharoah, capital 18,400 306 L. Pharoah, drawings 10,400 400 Service revenue 59,500 622 Repairs expense 2,400 711 Depreciation expense 2,600 722 Insurance expense 500 726 Salaries expense 31,000 732 Utilities Expense 1,400 Totals $91,900 $91,900 Prepare an income statement. PHAROAH COMPANY Income Statement 69 > > > > +A $ Prepare a statement of owner's equity. L. Pharoah did not make any additional investments during the year. (List items that increase Owner's Equity first.) PHAROAH COMPANY Statement of Owner's Equity 69 $ Prepare a classified balance sheet. L. Pharoah did not make any additional investments during the year. (List Current Assets in the order of liquidity.) > > > > PHAROAH COMPANY Balance Sheet Assets $ Liabilities and Owner's Equity $ $ $ $ Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31 Dec. 31 (To close revenue account) Dec. 31 (To close expense accounts) Dec. 31 (To close income summary) (To close drawings) > Debit > > > Credit Post the closing entries and calculate the balance in each account. (Use T accounts.) Income Summary is account No. 350. (Post entries in the order of journal entries presented in the previous part. For balances ending in O select bal for the date and 0 for the amount for the normal balance of the account.) > L. Pharoah, Capital No. 301 L. Pharoah, Drawings No. 306 Income Summary No. 350 Service Revenue No. 400 Repairs Expense No. 622 Depreciation Expense No. 711 Insurance Expense No. 722 Salaries Expense Utilities Expense No. 726 No. 732 Prepare a post-closing trial balance. (Do not list those accounts that have zero ending balance.) PHAROAH COMPANY Post-Closing Trial Balance Totals 69 Debit 69 Credit