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The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. Credit Debit $ 7,eee 23,580 10,080 7,5ee 40,eee $ 20,00 171,080 57, eee 57,860 TYBALT CONSTRUCTION Adjusted Trial Balance December 31 No. Account Title 101 Cash 104 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 173 Building 174 Accumulated depreciation-Building 183 Land 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 236 Unearned revenue 244 Current portion of long-term note payable 251 Long-term notes payable 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 406 Rent revenue 407 Dividends revenue 499 Interest revenue 606 Depreciation expense-Building 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 682 Postage expense 683 Property taxes expense 684 Repairs expense 688 Telephone expense 690 Utilities expense Totals 17,080 2,480 3,18e 2,180 1,080 7,280 6,020 60,000 7, e8e 126,5ee 12,180 98,080 16,5ee 3,eee 2,280 12,540 6,eee 28,eee 3,3ee 9,380 13,280 6,480 3,3ee 4, eee 7,600 2,980 4,300 $429, eee $429,eee ccount Oro Tybalt invested $7.000 cash in the business in exchange for common stock during the year. The Retained Earnings acco balance was $126.500 on December 31 of the prior year. Required: 10. Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of retained earnings for the current year ended December 31. 10. Prepare the classified balance sheet at December 31. 2. Prepare the necessary closing entries at December 31 of the current year. Prepare the income statement for the current year ended December 31. TYBALT CONSTRUCTION Income Statement For Year Ended December 31 Revenues $ GA 0 Total revenues Expenses Total expenses Prepare the statement of retained earnings for the current year ended December 31. TYBALT CONSTRUCTION Statement of Retained Earnings For Year Ended December 31 Retained earnings, Dec. 31 prior year end 0 Retained earnings, Dec. 31 current year end $ 0 Prepare the classified balance sheet at December 31. TYBALT CONSTRUCTION Balance Sheet December 31 $ 0 0 0 $ 0 0 $ 0 0 0 s 0 Journal entry worksheet Journal entry worksheet Record the entry to close the revenue account(s). Record the entry to close the expense account(s). Note: Enter debits before credits Note: Enter debits before credits. Date General Journal Debit Credit General Journal Debit Credit Date Dec 31 Dec 31 Record entry Clear entry View general journal Journal entry worksheet Journal entry worksheet Record the entry to close income summary,

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