WILDHORSE FISHING CENTRE Adjusted Trial Balance March 31, 2021 Credit Debit $7,800 800 1,300 28,000 47,000 195,000 $32,000 36,000 Cash Interest receivable Supplies Long-term investments Land Building Accumulated depreciation-building Equipment Accumulated depreciation equipment Accounts payable Interest payable Unearned revenue Notes payable ($6,000 must be paid in February, 2022) R. Falkner, capital R. Falkner, drawings Service revenue Interest revenue Depreciation expense Interest expense Insurance expense Salaries expense Supplies expense Utilities expense 18,500 6,000 1,020 2,120 66,500 169,660 46,000 124,700 1,600 9,850 3,850 4,500 31,500 5,400 5,100 $422,100 $422,100 Prepare an income statement for the year ended March 31, 2021. WILDHORSE FISHING CENTRE Income Statement Prepare a statement of owner's equity. The owner, Rachael Falkner, invested $2,000 cash in the business during the year. WILDHORSE FISHING CENTRE Statement of Owner's Equity Prepare a classified balance sheet. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings WILDHORSE FISHING CENTRE Balance Sheet Assets Liabilities and Owner's Equity Debit Credit Date Account Titles and Explanation Mar. 31 (To close revenue accounts) Mar. 31 (To close expense accounts) Mar. 31 (To close profit to capital) Mar. 31 (To close drawings account) Income Summary R. Falkner, Capital R. Falkner, Drawings Service Revenue Interest Revenue Depreciation Expense Insurance Expense Interest Expense Interest Expense Salaries Expense Supplies Expense Utilities Expense Prepare a post-closing trial balance and compare the balance in the R. Falkner, Capital account with the inf WILDHORSE FISHING CENTRE Post-Closing Trial Balance Debit Credit Totals