Using the information below, prepare the following:

1. Balance sheet
2. Statement of retained earnings dated December 31, 2017
3. Closing entries

Water & Malt Inc. Unadjusted Trial Balance December 31 , 2017 Debit Credit Cash $35,300 Accounts receivable 16,000 Prepaid insurance 5,000 Supplies 1 ,500 Equipment 20,000 Accumulated depreciation-equipment $3,200 Accounts payable 11,000 Uneamed service revenue 9,800 Common shares 27,000 Retained earnings 17,000 Dividends 1 ,000 Service revenue 24,600 Salary expense 8,200 Utilities expense 800 Rent expense 3,600 Advertising expense 1,200 m m Additional data is as follows: . Supplies used during the current year amount to $700. Accrued salaries on December 31, 2017, amount to $500. Uneamed service revenue earned during the year amounts to $3,500. Depreciation for the current year amounts to $2,000. Prepaid insurance was purchased on April 1, 2017 for a 12 month period