Please answer the first multiple choice one then construct a forecasted balance sheet and statement of retained earnings for the second.

Which of the following is performed first at the end of each accounting period? O Prepare adjusting entries. O Prepare a post-closing trial balance. O Prepare closing journal entries. O Prepare the statement of retained earnings. Nicole Mackisey is thinking of forming her own spa business, Nicole's Getaway Spa (NGS). Nicole expects that she and two family members will each contribute $10,000 to the business and receive 1,000 shares each. Nicole forecasts the following amounts for the first year of operations, ending December 31, 2015: Cash on hand and in the bank, $4,050; amounts due from customers from spa treatments, $1,970, building and equipment. $73,000, amounts owed to beauty supply outlets for spa equipment, $4,850, notes payable to a local bank for $39,770. Cash dividends of $4,600 will be paid to the stockholders during the year. Nicole also forecasts that first year sales revenues will be $77,000; wages will be $33,500; the cost of supplies used up will be $16,500; office expenses will be $14,500; and income taxes will be $3,500