The unadjusted and adjusted trial balances of Wang, Inc. are shown as follows:

Required
a. Compare the unadjusted trial balance and the adjusted trial balance and recreate all adjusting journal entries that were made at December 31.
b. Prepare the income statement and a statement of retained earnings for the year. Also prepare a classified balance sheet at December 31.
c. Prepare necessary closing entries.

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Wang, Inc. Trial Balance December 31 Unadjusted Trial Balance Adjusted Trial Balance Debit Credit Debit Credit S 8,000 16,250 5,600 1,200 250,000 75,000 Cash Accounts Receivable Prepaid Insurance Supplies Buildings Land Accumulated epreciation Salaries Payable Unearned Revenue Utilities Payable Notes Payable Common Stock Retained Earnings Service Revenue Advertising Expense Depreciation Expense Insurance Expense Salaries Expense Supplies Expense Utilities Expense Dividends 8,000 12,250 6,400 9 250,000 75,000 S 25,000 9,500 15,450 75,000 150,000 22,100 75,500 50,000 2,000 7,000 20,950 75,000 150,000 22,100 82,000 8,500 8,500 25,000 800 10,000 1,200 5,500 2,000 8,000 2,000 372,550 $372,550 $409,050 $409,050 Totals