Answer the following questions: 1. After the accounts have been adjusted at January 31, 2010, the end of the fiscal year, the following balances are taken from the ledger of Crystal Pool Service Company: Morgan Olsen, Capital Morgan Olsen, Drawing Fees Earned Wages Expense Rent Expense Supplies Expense Miscellaneous Expense $349,000 5,000 116,400 29,000 43,000 7,300 1,750 Journalize the four entries required to close the accounts 2. The following are all the steps in the accounting cycle. List them in the order in which they should be done. – Closing entries are journalized and posted to the ledger. – An unadjusted trial balance is prepared. – An optional end-of-period spreadsheet (work sheet) is prepared. – A post-closing trial balance is prepared. – Adjusting entries are journalized and posted to the ledger. – Transactions are analyzed and recorded in the journal. – Adjustment data are assembled and analyzed. – Financial statements are prepared. – An adjusted trial balance is prepared. – Transactions are posted to the ledger. 3. Bob Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31, 2010. Cash Accounts receivable Interest receivable Prepaid insurance Notes receivable (long-term) Equipment Accumulated depreciation Accounts payable Accrued expenses payable Income taxes payable Unearned rent fees Bob Evans, Capital Bob Evans, Drawing Rent fees earned Furniture rental revenue Interest revenue Wages expense Depreciation expense Utilities expense Insurance expense Maintenance expense Income tax expense Total Debit Credit $ 1,500 2,000 100 1,600 2,800 15,000 $3,000 2,400 3,920 2,700 500 3,700 2,000 37,000 1,200 100 19,000 1,800 320 700 9,000 2,700 $ 56,520 $ 56,520 1.Prepare the entry required to close the revenue accounts at the end of the period. 2.Prepare the entry required to close the expense accounts at the end of the period. 3.Prepare the closing entry required to transfer the income or loss at the end of the period. 4. Prepare the entry required to close out the Drawing account at the end of the period.