Required:

$1.$ Based on above transactions, prepare journal entries and adjusting entries in $2023$ for

Winter Carnival.

$2.$ Set up T$-$accounts and post your journal entries and adjusting entries to T$-$accounts. $($A kind

reminder: Don$$t forget the beginning balances.$)$

$3.$ Prepare a pre$-$closing trial balance, as of December $31,2023.$

$4.$ Prepare an income statement, in a good format, for the year ended December $31,2023$ for

Winter Carnival.

$5.$ Prepare a statement of retained earnings, in a good format, for the same period for Winter

Carnival.

$6.$ Prepare a balance sheet, in a good format, as of December $31,2023$ for Winter Carnival.

$7.$ Prepare closing entries and a post$-$closing trial balance, as of December $31,2023$