Part 8 [15 points] The question was: a) Journalize the closing entries. 3,246,500 251.50 Income Summary 3,240,751.50 Interest Earned Income Summary ..................................................................................................................................... 1,960,555 11111111311111 .................................................. 1.111.111 Depreciation Expense, Ofce Furnitur 140 301'Sep Income Summary _________ 1,241,805.50 D'lce Salaries Expense___ 20,000 Retained Earnings ________________________________ 1,241 ,80550 Sales Salaries Expense____ YB,000 Retained Earnings Bank Service Charge Expense 600 30!Sep Retained Earnings __________________________ 27,500 Insurance EXpense ................................. 1500 Cash Dividends Declared... 215% Rent expense, ofce space _______ 3,480 Cash Dividends Declared Rent expense, selling space____ 2,320 Bad Debts Expense___ 193,300 Utilities Expense _______ 26,07'0 Income Taxes Expense ............................................... 310.500 Loss on Sale of Property, Plant and EqUIpment Asmts 186 Income Summary b} What is the next step in the accounting cycle? Prepare nancial statements Prepare a postclosing trial balance '9- Post closing entries Prepare an adjusted trial balance Post transactions Prepare bank reconciliation and adjusting entries This is the last step Prepare an unadjusted trial balance Post adjusting entries Analyze and joumalize transactions Total marks for this question: 12 Northstar Corp. Adjusted Trial Balance September 30, 2015 Debit Credit Cash... 946,253.50 Accounts Receivable 1,050,711 Allowance for Doubtful Accounts. 22,324 Interest Receivable. 125 Notes Receivable.. 49,916 Merchandise Inventory 1,995,870 Prepaid Insurance... 22,500 Office Furniture. 8,400 Accumulated Depreciation, Office Furniture. 140 Accounts Payable 520,650 Utilities Payable. 26,070 Income Taxes Payable 310,500 Common Shares. 49,250 Retained Earnings 1,930,536 Cash Dividends Declared 27,500 Interest Earned. 251.50 Sales.. 3,246,500 Sales Discounts 44,290 Cost Of Goods Sold 1,312,560 Depreciation Expense, Office Furniture. 140 Office Salaries Expense. 28,000 Sales Salaries Expense 76,000 Bank Service Charge Expense. 600 Insurance Expense.. 7,500 Rent expense, office space 3,480 Rent expense, selling space 2,320 Bad Debts Expense 193,300 Utilities Expense. 26,070 Income Taxes Expense. 310,500 Loss on Sale of Property, Plant and Equipment Assets 186 Totals 6, 106,221.50 6, 106,221.50