The adjusted trial balance of bennett irrigation system at D

The adjusted trial balance of bennett irrigation system at Dec 31 2018 follows. (Please see image below for trial balance and the question requirements)

Data Table The acjusled ial balane of Berriett Irigalion Syten at Decermber 31, 2018, fellw (Click the icon to view the acjustnd trial balanom.) Read the requirements Requirement 4. Jaurnalize te dlosing entries for Bemnel: Irrigation SyetemRecord debits firsl, ther credits. Select the explanalion on the last line of the journal entry lable.) Star by dlosing revenues. Account Titic Debit Accounts Receivable Offica Supplies Prapald Insurance Buildirg 14,000 46,800 18,800 6,000 57,300 Date Accounts and Explanation Debit Credit Dec. 31 lated Depreciatian Building 26,400 Clos. (1) Requirements 20,000 leted Depreciation-Equipment 6,600 31,400 400 4,200 2,000 30,500 13,000 22,000 1. Prepare the company\'s income slatemant for the ynar anded Dncbar 31, 201B Prepare the company\'s statement of retained earnings for she year endad Dncambar 31, 201B. 2. Close expenses for the period. 3. Prepare the company\'s classlfied balance sheet In report form at Decamber 31, 2018. 4. Journalize the closing entries for Bennett Irigecion Systerm Date Accounts and Explanation Debit Dec. 31 Clos. (2) ayahle (long-ternm) Compule the cormpany\'s currer ralio at December 31, 2018. Al Deceinber 31, 2017, the current raio was 2.1. Did the compamy\'s ability to pay debts improve or deter orale, or did it remein the same? 3,0n0 Print Done 61,500 1,000 Salarias Expensn Supplias Expense Interest Expenise Depreciation Expens 400 2,900 1,700 $197,000 Close income Summary. Equipmant Date Accounts and Explanation Debit Dec. 31 197,000 S 197 Cas. (3) Print Done Choose from any list or enter any number in the input fields and then continue to the next question

Solution

Date Accounts And Explanation Debit Credit 31-Dec Service revenue 61,500 Income summary 61,500 31-Dec Income Summary 24,100 Insurance expense 1,000 Salaries expense 16,500 supplies expense 1,600 interest expense 400 Depreciation expense-Equipment 2,900 Depreciation expense -Building 1,700 31-Dec income summary 37,400 Retained earnings 37,400