Devlin Company has prepared the following partially completed worksheet for the year ended December 31, 2016:

The following additional information is available: (a) salaries accrued but unpaid total $250; (b) the $ 80 heat and light bill for December has not been recorded or paid; (c) depreciation expense totals $810 on the buildings and equipment; (d) interest accrued on the note payable totals $380 (this will be paid when the note is repaid); (e) the company leases a portion of its floor space to KT & Daniel Specialty Company for $50 per month, and KT & Daniel has not yet paid its December rent; (f) interest accrued on the note receivable totals $80; (g) bad debts expense is $70; and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2017.
Required:
1. Complete the worksheet. (Round to the nearest dollar.)
2. Prepare the company€™s financial statements.
3. Prepare
(a) Adjusting and
(b) Closing entries in the general journal.

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Retained Trial Balance Debit C Sheet Adjustments reditDebitCredit Debit Statement Credit Debit CreditDebitCredit 5 Cash 1,000 Accounts Receivable Allowance for Doubtul Accounts Note Receivable (due 5/1/1 9 Invent 4,50 1Buidings and Equipment 12 Accumulated 8,790 4Notes Payable (due 4/1/1 Common Stock (2.000 16 Retained 17 Dividends 18 Sales Revenue 19 Rent Revenue 1/V1 120 600 25,14 550 Cost of Goods Sold Salaries E 22 Deli 23 Heat and Light Expense 24 Other 25Totals 53,68 53,88