Read the remonts. (Enter amounts to the nearest controughout) Requirement 1. Using good form, prepare the December 31, 2008 financial statements. Prepare the income Statement Begin with the income from operations section of the statement, then complete statement by computing net income. (Exclude any accounts with a blanca, e a mini signor parentheses toally the expenses or Musie Express Income Statement For the one month anded December 31, 2008 Requirements Revenue Operating expenses Assume the role of accountant Justin Phillips and complete the following: 1. Using good form, prepare the following December 31, 2008 Trancial statements a. The Balance Sheet b. The income Street c. The Statement of Shareholder's Equity 2. Prepare a csary closing entries 2. Prepare a poucosing trial balance in good form 4. Please answer the questions below Why are closing entries necessary b. Why should the income ummary count over spear on a francial statement? Done Total operating expenses Income from operation Read the requirements. (Enter amounts to the nearest cent throughout.) Requirement 1. Using good form, prepare the December 31, 2008 financial statements. Prepare the Income Statement Begin with the income from operations section of the statement, then complete the statement by Music Express Income Statement For the one month ended December 31, 2008 Revenue: Operating expenses: Total operating expenses Income from operations mputing net income. (Exclude any accounts with a zero balance. Use a minus sign or parentheses to identify other expenses or los Requirements Assume the role of accountant Justin Phillips and complete the following: 1. Using good form, prepare the following December 31, 2008 financial statements: a. The Balance Sheet. b. The Income Statement c. The Statement of Shareholder's Equity 2. Prepare all necessary closing entries. 3. Prepare a post-closing trial balance in good form). 4. Please answer the questions below. a. Why are closing entries necessary? b. Why should the income summary account never appear on a financial statement? Print Done ur el Accounts payable Accounts receivable Accumulated depreciation Advertising expense Amortization expense Cash Common stock Customer deposits Depreciation expense Dividend income Dividend paid to owner Due from owner Due to owner Insurance expense Insurance payable Interest expense Interest payable Interest receivable Interest revenue Long-term investments 1 Miscellaneous expense Music equipment field incarrot el Music equipment Music expense Music library Note payable Office equipment Other receivable Prepaid advertising Prepaid insurance Prepaid interest Prepaid rent Professional fees Rent expense Rent payable Repair and maintenance Retained earnings Salaries expense Salaries payable Service fees earned Supplies Supplies expense Training and development expense 1 Travel expense fie Note payable Office equipment Other receivable Prepaid advertising Prepaid insurance Prepaid interest Prepaid rent Professional fees Rent expense Rent payable Repair and maintenance Retained earnings Salaries expense Salaries payable Service fees earned Supplies Supplies expense Training and development expense Travel expense Utilities expense Utilities payable Vehicles Incorrect: 0 fields a Read the remonts. (Enter amounts to the nearest controughout) Requirement 1. Using good form, prepare the December 31, 2008 financial statements. Prepare the income Statement Begin with the income from operations section of the statement, then complete statement by computing net income. (Exclude any accounts with a blanca, e a mini signor parentheses toally the expenses or Musie Express Income Statement For the one month anded December 31, 2008 Requirements Revenue Operating expenses Assume the role of accountant Justin Phillips and complete the following: 1. Using good form, prepare the following December 31, 2008 Trancial statements a. The Balance Sheet b. The income Street c. The Statement of Shareholder's Equity 2. Prepare a csary closing entries 2. Prepare a poucosing trial balance in good form 4. Please answer the questions below Why are closing entries necessary b. Why should the income ummary count over spear on a francial statement? Done Total operating expenses Income from operation Read the requirements. (Enter amounts to the nearest cent throughout.) Requirement 1. Using good form, prepare the December 31, 2008 financial statements. Prepare the Income Statement Begin with the income from operations section of the statement, then complete the statement by Music Express Income Statement For the one month ended December 31, 2008 Revenue: Operating expenses: Total operating expenses Income from operations mputing net income. (Exclude any accounts with a zero balance. Use a minus sign or parentheses to identify other expenses or los Requirements Assume the role of accountant Justin Phillips and complete the following: 1. Using good form, prepare the following December 31, 2008 financial statements: a. The Balance Sheet. b. The Income Statement c. The Statement of Shareholder's Equity 2. Prepare all necessary closing entries. 3. Prepare a post-closing trial balance in good form). 4. Please answer the questions below. a. Why are closing entries necessary? b. Why should the income summary account never appear on a financial statement? Print Done ur el Accounts payable Accounts receivable Accumulated depreciation Advertising expense Amortization expense Cash Common stock Customer deposits Depreciation expense Dividend income Dividend paid to owner Due from owner Due to owner Insurance expense Insurance payable Interest expense Interest payable Interest receivable Interest revenue Long-term investments 1 Miscellaneous expense Music equipment field incarrot el Music equipment Music expense Music library Note payable Office equipment Other receivable Prepaid advertising Prepaid insurance Prepaid interest Prepaid rent Professional fees Rent expense Rent payable Repair and maintenance Retained earnings Salaries expense Salaries payable Service fees earned Supplies Supplies expense Training and development expense 1 Travel expense fie Note payable Office equipment Other receivable Prepaid advertising Prepaid insurance Prepaid interest Prepaid rent Professional fees Rent expense Rent payable Repair and maintenance Retained earnings Salaries expense Salaries payable Service fees earned Supplies Supplies expense Training and development expense Travel expense Utilities expense Utilities payable Vehicles Incorrect: 0 fields a