Question No 2 Jan's Dance Studio, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The studio's year-end adjusted trial balance dated December 31, 2011, appears below. (Bear in mind, the balance shown for Retained Earnings was last updated on December 31, 2010.) 12:13 Pg 4 JAN'S DANCE STUDIO, INC. ADJUSTED TRIAL BALANCE DECEMBER 31, 2011 $171.100 9.400 3,000 7,200 500 18,000 $ 7,200 10,000 3,200 4,000 6,000 Cash Accounts receivable Prepaid studio rent Unexpired insurance Supplies Equipment Accumulated depreciation: equipment Notes payable. Accounts payable Salaries payable Income taxes payable. Uneamed studio revenue Capital Retained earnings Dividends Studio revenue earned. Salary expense Supply expense Rent expense Insurance expense Advertising expense Depreciation expense: equipment Interest expense. Income taxes expense antal stock 8,800 100,000 40,000 6,000 165,000 85.000 3.900 12.000 1,900 500 1.800 900 23,000 $344 200 $344,200 Instructions a. Prepare an income statement and statement of Owner's Equity for the year ended December 31, 2011. Also prepare the studio's balance sheet dated December 31, 2011. b. Prepare the necessary closing entries at December 31, 2011 c. Prepare an after-closing trial balance dated December 31, 2011