Question: Based on the answers you obtained in P15-9, prepare the closing entry. IN P15-9 From the ledger accounts prepared for P15-8, prepare a trial balance.

Based on the answers you obtained in P15-9, prepare the closing entry.

IN P15-9

From the ledger accounts prepared for P15-8, prepare a trial balance. Extend the trial balance to an eight-column work sheet like that shown in Table 15-16 , and use the work sheet to prepare the following financial statements:

(a) Income statement,

(b) Statement of changes in owner’s equity, and

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