The year-end financial statements of Flghting IIlini Financial Services are provided below. PIGHTING ILLINI Income Statement...

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The year-end financial statements of Flghting IIlini Financial Services are provided below. PIGHTING ILLINI Income Statement Service revenue $87,200 Expensen Salaries $49,500 9,600 ৪,000 Supplies Rent Delivery 4,200 71,300 Net income $15,900 FIGHTING ILLINI Statement of Stockholders' Equity Retained Earnings $32,800 Common Total Stockholders' Equity 97,800 17,500 15,900 (6,500) Stock Beginning balance, Jan. 1 IBsue stock Net income $65,000 17,500 15,900 (6,500) $42,200 Dividenda Ending balance, Dec. 31 $82,500 $124,700 FIGHTING ILLINI Balance Sheet ASsets Liabilitien 7,100 7,100 9,700 115,000 Accounts payable Stockholders' Equity: Cash Accounts receivable $82,500 42,200 Land Common stock Retained earnings 124,700 Total assets $131,800 Total liabilities and equities $131,800 Requlred: 1. Record year-end closing entrles. (If no entry Is required for a particular transaction the first account fleld.) View transaction list Journal entry worksheet 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Debit Credit Date General Journal December 31 Journal entry worksheet 1. 2 Record the entry to close the expense accounts. Note: Enter debits before credits. Dabit Credit Date General Journal December 31 Clear entry View general Jo Record entry Journal entry worksheet 1 2 3 Record the entry to close the dividends account. Note: Enter debits before credits. Date Goneral Journal Debit Crec December 31 Record entry Clear entry View 2. Prepare a post-closing trial balance. (Hint: The balance of retained earnings will be the amount shown In the balance she PIGHTING ILLINI Post-Cloaing TrHal Balanos unta Dobit Credit Totals The year-end financial statements of Flghting IIlini Financial Services are provided below. PIGHTING ILLINI Income Statement Service revenue $87,200 Expensen Salaries $49,500 9,600 ৪,000 Supplies Rent Delivery 4,200 71,300 Net income $15,900 FIGHTING ILLINI Statement of Stockholders' Equity Retained Earnings $32,800 Common Total Stockholders' Equity 97,800 17,500 15,900 (6,500) Stock Beginning balance, Jan. 1 IBsue stock Net income $65,000 17,500 15,900 (6,500) $42,200 Dividenda Ending balance, Dec. 31 $82,500 $124,700 FIGHTING ILLINI Balance Sheet ASsets Liabilitien 7,100 7,100 9,700 115,000 Accounts payable Stockholders' Equity: Cash Accounts receivable $82,500 42,200 Land Common stock Retained earnings 124,700 Total assets $131,800 Total liabilities and equities $131,800 Requlred: 1. Record year-end closing entrles. (If no entry Is required for a particular transaction the first account fleld.) View transaction list Journal entry worksheet 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Debit Credit Date General Journal December 31 Journal entry worksheet 1. 2 Record the entry to close the expense accounts. Note: Enter debits before credits. Dabit Credit Date General Journal December 31 Clear entry View general Jo Record entry Journal entry worksheet 1 2 3 Record the entry to close the dividends account. Note: Enter debits before credits. Date Goneral Journal Debit Crec December 31 Record entry Clear entry View 2. Prepare a post-closing trial balance. (Hint: The balance of retained earnings will be the amount shown In the balance she PIGHTING ILLINI Post-Cloaing TrHal Balanos unta Dobit Credit Totals

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