Following is the adjusted trial balance for For Goodness Cakes as of December 31: Cash Accounts...

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Following is the adjusted trial balance for For Goodness Cakes as of December 31: Cash Accounts Receivable Prepaid Advertising Inventory Equipment, net Furniture, net Accounts Payable Unearned Revenue Notes Payable Common Stock Retained Earnings Dividends Sales Revenue Interest Income Advertising Expense Insurance Expense Office Expense Rent Expense Debit $15,973 70,184 3,356 17.909 14,801 95,033 3.073 6,983 33.655 10,565 7,670 Credit $31.737 12,043 60,500 4.000 101.286 167,823 39 Common Stock Retained Earnings Dividends Sales Revenue Interest Income Advertising Expense Insurance Expense Office Expense Rent Expense Salaries Expense Utilities Expense 3,073 DR (account name) $(amount) CR (account name) $(amount) 6,983 DR Cash $100 CR Accounts Payable $100 33,655 10,565 7,670 92.969 5.257 4,000 101.286 167,823 QUESTIONS: 1. Prepare the closing entries for For Goodness Cakes as of December 31. The only thing you may omit are journal entry explanations. (HINT: there are four entries you must make.) (Each correct closing entry is worth 1.5 points.) 39 2. What is For Goodness Cake's total assets as of December 31? (0.5 points) 3. What is For Goodness Cake's balance in Retained Earnings as of December 31? (1.5 points) SPECIFIC INSTRUCTION: For each journal entry, type your response in the following format: Do not attempt to indent your credits because it will not format correctly, and we will not be able to properly grade your answer. For example, if you are making an entry to debit Cash for $100 and credit Accounts Payable for $100, you would enter the following: Following is the adjusted trial balance for For Goodness Cakes as of December 31: Cash Accounts Receivable Prepaid Advertising Inventory Equipment, net Furniture, net Accounts Payable Unearned Revenue Notes Payable Common Stock Retained Earnings Dividends Sales Revenue Interest Income Advertising Expense Insurance Expense Office Expense Rent Expense Debit $15,973 70,184 3,356 17.909 14,801 95,033 3.073 6,983 33.655 10,565 7,670 Credit $31.737 12,043 60,500 4.000 101.286 167,823 39 Common Stock Retained Earnings Dividends Sales Revenue Interest Income Advertising Expense Insurance Expense Office Expense Rent Expense Salaries Expense Utilities Expense 3,073 DR (account name) $(amount) CR (account name) $(amount) 6,983 DR Cash $100 CR Accounts Payable $100 33,655 10,565 7,670 92.969 5.257 4,000 101.286 167,823 QUESTIONS: 1. Prepare the closing entries for For Goodness Cakes as of December 31. The only thing you may omit are journal entry explanations. (HINT: there are four entries you must make.) (Each correct closing entry is worth 1.5 points.) 39 2. What is For Goodness Cake's total assets as of December 31? (0.5 points) 3. What is For Goodness Cake's balance in Retained Earnings as of December 31? (1.5 points) SPECIFIC INSTRUCTION: For each journal entry, type your response in the following format: Do not attempt to indent your credits because it will not format correctly, and we will not be able to properly grade your answer. For example, if you are making an entry to debit Cash for $100 and credit Accounts Payable for $100, you would enter the following: