--/1 Question 2 View Policies Current Attempt in Progress The completed adjusted trial balance for Sandhill Company is below. SANDHILL COMPANY Adjusted Trial Balance December 31, 2021 Account Titles Cash Accounts receivable Prepaid insurance Account No. 101 112 130 Cr. Dr. 7,900 10,700 3,500 101 112 130 157 201 212 301 306 Cash Accounts receivable Prepaid insurance Equipment Accumulated depreciation-equipment Accounts payable Salaries payable L. Sandhill, capital L. Sandhill, drawings Service revenue Repairs expense Depreciation expense Insurance expense Salaries expense Utilities Expense Totals 7,900 10,700 3,500 25,200 2,900 9,200 2,900 20,600 11,600 60,800 2,100 1,600 2,300 29,200 2,300 $96,400 $96,400 400 622 711 722 726 732 Prepare an income statement. SANDHILL COMPANY Income Statement Prepare a statement of owner's equity. L. Sandhill did not make any additional investments during the year. (List items that increase Owner's Equity first.) SANDHILL COMPANY Statement of Owner's Equity Prepare a classified balance sheet. L. Sandhill did not make any additional investments during the year. (List Current Assets in the order of liquidity.) SANDHILL COMPANY Balance Sheet Assets Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) ate Account Titles and Explanation Debit Credit 1.31 (To close revenue account) . 31 Post the closing entries and calculate the balance in each account. (Use T accounts.) Income Summary is account No. 350. (Post entries in the order of journal entries presented in the previous part. For balances ending in 0 select bal for the date and 0 for the amount for the normal balance of the account.) L. Sandhill, Capital No. 301 L. Sandhill, Drawings Prepare a post-closing trial balance. (Do not list those accounts that have zero ending balance.) SANDHILL COMPANY Post-Closing Trial Balance Debit Credit