Exercise $2-12($Algo$)$ Financial statements and closing entries $[$LO$2-7,2-8]$

The December $31,2024,$ adjusted trial balance for the Blueboy Cheese Corporation is presented below.

Required:

$1-$a$.$ Prepare an income statement for the year ended December $31,2024.$

$1-$b$.$ Prepare a classified balance sheet as of December $31,2024.$

Prepare the necessary closing entries on December $31,2024.$

Complete this question by entering your answers in the tabs below.

Prepare the necessary closing entries on December $31,2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$12$

Record the entry to close the revenue accounts.

Note: Enter debits before credits.