the adjusted trial balance for audio concepts at december 31 2011 is as follows 496018

The adjusted trial balance for Audio Concepts at December 31, 2011 is as follows (amounts are presented at their normal balance):

Cash 15,000

Accounts Receivable 7,000

Inventory 19,000

Supplies 4,000

Prepaid Insurance 6,000

Audio Equipment 190,000

Accumulated Depreciation Audio Equipment 29,000

Accounts Payable 19,000

Note Payable 70,000

Salaries Payable 3,000

Common Stock 20,000

Retained Earnings 92,000

Dividends 14,000

Audio Revenue 122,000

Interest Revenue 1,000

Cost of Goods Sold 21,000

Depreciation Expense 12,000

Insurance Expense 3,000

Rent Expense 17,000

Salaries Expense 42,000

Supplies Expense 6,000

Required:

1. Create T-accounts for all accounts provided above. Prepare the closing journal entries required, post them to the T-accounts, and prepare a post-closing trial balance at December 31, 2011.

2. Prepare a Statement of Retained Earnings in proper format for Audio Concepts at December 31, 2011.

3. In a brief statement, correlate the results of the above two requirements.