Exercise Static Financial statements and closing entries LO
The December adjusted trial balance for the Blueboy Cheese Corporation is presented below.
tableAccount Title,Debits,CreditsCash$ Accounts receivable,,Prepaid rent,,InventoryOffice equipment,,Accumulated depreciation,,,,$ Accounts payable,,,,Notes payable due in six monthsSalaries payable,,,,Interest payable,,,,Common stock,,,,Retained earnings,,,,Sales revenue,,,,Cost of goods sold,,Salaries expense,,Rent expense,,Depreciation expense,,Interest expense,,Advertising expense,,Totals$$
Required:
a Prepare an income statement for the year ended December
b Prepare a classified balance sheet as of December
Prepare the necessary closing entries on December
