QUESTION No. 3 ROW No. 2 & 5 Time allowed: 50 Minutes Required: Prepare Income Statement and Balance Sheet. Also prepare closing entries. PARTICULARS Notes receivable Cherry & Berry Itd. Adjusted Trial Balance December 31, 2018 S PARTICULARS S 12200 Acc Depreciation Furniture 1500 Cash 8750 Acc. Depreciation Machinery 2200 Prepaid Taxes 1800 Notes payable 12350 Machinery 2250 Accounts payable 11600 Furniture 3120 Interest payable 1270 Unexpired Insurance 1250 taxes payable 2200 closing inventory 3320 wages payable 1200 salary expense 3450 salaries payable 1200 Insurance expense 1200 Capital stock 7890 wages expense 1260 Retained earnings 4200 Office Rent expense 1800 Revenue earned 4230 Tax expense 4300 Depreciation: Furniture 1700 Depreciation: Machinery 1200 Internet Charges 370 Interest Expense 770 Advertising Expense 1100 49840 49840 TOTAL TOTAL