The year-end financial statements of Rattlers Tax Services are provided below RATTLERS TAX SERVICES Income Statement Service revenue $71,500 Expenses: Salaries Utilities $44,800 7,000 4,600 1,500 57,900 Insurance Supplies Net income $13,600 RATTLERS TAX SERVICES Statement of Stockholders' Equity Total Common Stock $48,000 18,000 Retained Earnings $23,300 Stockholders Equity Beginning balance, Jan. 1 Issue stock Net income Dividends $71,300 18,000 13,600 (4,800) 13,600 (4,800) Ending balance, Dec. 31 $66,000 $32,100 $98,100 RATTLERS TAX SERVICES Balance Sheet Assets Liabilities $3,500 Accounts payable $ 6,400 Cash Accounts receivable Land 6,000 Stockholders' Equity: $66,000 32,100 95,000 Common stock Retained earnings 98,100 Total assets $104,500 Total liabilities and equities $104,500 Required 1. Record year-end closing entries. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 8 Record the entry to close the revenue accounts. Note: Enter debits before credits Debit Credit Date December 31 General Journal Record entry Clear entry View general journal 2. Prepare a post-closing trial balance. (Hint: The balance of Retained Earnings will be the amount shown in the balance sheet.) RATTLERS TAX SERVICES Post-Closing Trial Balance Accounts Debit Credit Totals The year-end financial statements of Rattlers Tax Services are provided below RATTLERS TAX SERVICES Income Statement Service revenue $71,500 Expenses: Salaries Utilities $44,800 7,000 4,600 1,500 57,900 Insurance Supplies Net income $13,600 RATTLERS TAX SERVICES Statement of Stockholders' Equity Total Common Stock $48,000 18,000 Retained Earnings $23,300 Stockholders Equity Beginning balance, Jan. 1 Issue stock Net income Dividends $71,300 18,000 13,600 (4,800) 13,600 (4,800) Ending balance, Dec. 31 $66,000 $32,100 $98,100 RATTLERS TAX SERVICES Balance Sheet Assets Liabilities $3,500 Accounts payable $ 6,400 Cash Accounts receivable Land 6,000 Stockholders' Equity: $66,000 32,100 95,000 Common stock Retained earnings 98,100 Total assets $104,500 Total liabilities and equities $104,500 Required 1. Record year-end closing entries. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 8 Record the entry to close the revenue accounts. Note: Enter debits before credits Debit Credit Date December 31 General Journal Record entry Clear entry View general journal 2. Prepare a post-closing trial balance. (Hint: The balance of Retained Earnings will be the amount shown in the balance sheet.) RATTLERS TAX SERVICES Post-Closing Trial Balance Accounts Debit Credit Totals