Refer to P 2–3 and complete the following steps: 1. Enter the unadjusted balances from the trial balance into T-accounts. 2. Post the adjusting entries prepared in P 2–3 to the accounts. 3. Prepare an adjusted trial balance. 4. Prepare an income statement and a statement of shareholders’ equity for the year ended December 31, 2018, and a classified balance sheet as of December 31, 2018. Assume that no common stock was issued during the year and that $4,000 in cash dividends were paid to shareholders during the year. The $4,000 reduction in cash and in retained earnings is reflected in the unadjusted trial balance amounts. That is, the retained earnings balance at the beginning of the year was $28,500. 5. Prepare closing entries and post to the accounts. 6. Prepare a post-closing trial balance.
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