The following adjusted trial balance is for Wayne Company as of December 31, Year 1:

Required:

Using this information:

a) Record the closing entries in journal entry format.

b) Prepare an income statement

c) Prepare a balance sheet

Wayne Company Adjusted Trial Balan ce December 31. Year 1 |Debit Credit Cash Accounts receivable Supplies |Land Accounts payable Common stock Retained earnings Dividends Consulting revenue Salaries expense Supplies expense Insurance expense |Rent expense |Totals 16,350 37,050 1,650 120,000 27,000 60,000 35,400 7,500 292,500 180,000 5,850 10,500 36,000 414,900 414,900