Time allowed: 50 Minutes Required: Prepare Income Statement and Balance Sheet. Also prepare closing entries. Akabells pvt ltd Adjusted Trial Balance December 31, 2016 PARTICULARS S PARTICULARS S Accounts Receivable 6700 Acc. Depreciation: Building 1500 Notes Receivable 9870 Acc. Depreciation: Machinery 2000 Unexpired Rent Office 2200 Notes payable 11200 Building 10200 Accounts payable 12300 Machinery 2700 Interest payable 750 Unexpired Insurance 1250 taxes payable 1700 closing inventory 2200 wages payable 1050 salary expense 1200 salaries payable 1250 Insurance expense 1000 Capital stock 7910 wages expense 970 Retained earnings 4200 Office Rent expense 1200 Revenue earned 4230 Tax expense 2300 Depreciation: Building 3500 Depreciation: Machinery 1200 Internet Charges 230 970 Interest Expense Advertising Expense 400 48090 48090 TOTAL TOTAL