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Question 2 Given the adjusted trial balance for Beaner's Coffee Ltd. below as of December 31, 2020 prepare: 1. The income statement. 2. The statement of retained earnings. 3. Closing entries for December 31, 2020. Financial Statements must include appropriate headings. No explanations are required for the closing entries. (provide answers in the templates below). Beaner's Coffee Ltd. Adjusted Trial Balance December 31, 2020 Debit Credit Cash $ 65,000 $ $ $ $ Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation equipment Accounts payable Uneamed service revenue Salary payable Common shares Retained earnings 3,500 12,500 1,500 95,000 $ $ is in inn 40,000 7,250 3,550 2,500 30,000 57,100 Financial Statements must include appropriate headings. No explanations are required for the closing entries. (provide answers in the templates below). Beaner's Coffee Ltd. Adjusted Trial Balance December 31, 2020 Debit Credit Cash $ 65,000 $ $ 3,500 12,500 1,500 $ $ 95,000 Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation equipment Accounts payable Uneamed service revenue Salary payable Common shares Retained eamings Dividends Service revenue Administrative expense Advertising expense Depreciation expense Supplies expense Utilities expense Wages expense 7 V V V V V 40,000 7,250 3,550 2,500 30,000 57,100 $ $ 4,000 $ 75,000 $ S $ $ s $ 2,600 1,500 6.500 1,500 3.300 18,500 $215,400 $215,400 Assignment #2 - Chapter 3 COM204 Fall 2020

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