In this tutorial, we will prepare an income statement of a sole proprietorship service-type business using information from previous lessons. -Post the transactions, prepare the post-closing trial balance, and journalize the transactions.-Journalize the closing entries, prepare the adjusted trial balance, and prepare the financial statements,-Prepare the financial statements, prepare the trial balance, and post the closing entries. The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. a. Attendees will be charged $40 on the, mountain bikes, paying $11,300 cash.Jul.15On the day of the, clinic, Great Adventures receives cash of $2,000 from 50, Tony conducts the mountain biking clinic.Jul.22Because of, success of the first mountain biking clinic, Tony holds, mountain biking clinic and the company receives, radio station for advertising to appear immediately. Course Hero is not sponsored or endorsed by any college or university. 2BHW 5. The following is a partial adjusted trial balance as of, (If no entry is required for a transaction/event, select, "No journal entry required" in the first account field.). Enter the account balances in T-accounts. (If no entry is required for a transaction/event, select "N, journal entry required" in the first account field. Prepare an income statement for the year ended December 31, 2021. Prepare the necessary closing entries at December 31, 2021. 2. Record the necessary closing entries at December 31, 2021. Supplies on hand at December 31, have a cost of $ 2,400. Adjusting entries: Required: Prepare an adjusted trial balance of Marketing Consulting Service Inc. on December 31, 2015. This preview shows page 2 - 5 out of 6 pages. Account Title Debits Credits Retained earnings 81,000 Sales revenue 760,000 Interest revenue 3,500 Cost of goods sold 425,000 Salaries expense 110,000 Rent expense 16,000 Depreciation expense 31,000 Interest expense 5,100 Insurance expense 6,100 Required: Prepare the necessary closing entries at December 31, 2021. The last step in the accounting cycle is to prepare a post-closing trial balance. Update account balances for the year-end information by recording any necessary adjusting entries. Course Hero is not sponsored or endorsed by any college or university. 4. Required: 1. Indiana University, Purdue University Indianapolis, National University of Singapore • ACC 1002, Indiana University, Purdue University Indianapolis • ACCOUNTING A311, Indiana University, Bloomington • BUS A311, Indiana University, South Bend • BUS B399, A311 Fall 2015 Ch3 practice problem solutions. In the above example, unrecorded liability related to unpaid salaries and unrecorded revenue amount has been included in the adjusted trial balance. Prepare an adjusted trial balance as of December 31. The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company’s fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,200; cost of goods sold, $1,440; selling expense, $215; general and administrative expense, $205; interest expense, $45; and gain on sale of investments, $85. December 31 is the company's reporting year-end. The adjusted trial balance of Anderson Cooper Co. as of December 31, 2020, contains the following. Using account balances from part 6.2, prepare an unadjuste