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The adjusted Trial Balance of KS Ltd as on December 31, 2022 is given below.

You are required to:

a. Prepare Financial Statements

b. Post Closing entries

Account	Debit	Credit
Cash	1,100
Accounts Receivable	9,600
Supplies	180
Equipment	20,800
Accumulated Deprecation-equipment		5,200
Accounts Payable		4,660
Salaries Payable		710
Deferred Revenue		1,010
Bank Loan Payable		1,000
Common Shares		5,000
Retained Earnings		3,700
Dividends	1,000
Service Revenue		67,200
Salaries Expense	30,700
Rent Expense	16,800
Deprecation Expense	2,600
Other Expense	1,675
Supplies Expense	475
Interest Expense	50
Income Tax Expense	3,500
	88,480	88,480

a. Financial Statements

Note: DO NOT use commas or dollar signs in your answers (e.g. 2750, NOT $2,750). DO NOT use brackets to denote negative values, use a minus sign (e.g. -100, NOT (100)).

b. Closing Entries

Close Dividends first, then Revenues, then Expenses. Put Debits before Credits. If there are multiple entries of the same type, list them in alphabetical order.

Note: DO NOT use commas or dollar signs in your answers (e.g. 2750, NOT $2,750). Enter a 0 in any text box that should have no value.

Date	Dr/Cr	Particulars	Amount
31-Dec	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
31-Dec	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
31-Dec	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$

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For the year ending December 31st, 2021 For the month ending December 31st, 2021 As at December 31st, 2021
Revenues
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Total Revenue	$

Expenses
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Total Expenses	$

Net Income	$

For the year ending December 31st, 2021 For the month ending December 31st, 2021 As at December 31st, 2021
Beginning	Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475	$
Plus	Net Income (Net Loss)	$
Less	Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Ending	Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475	$

For the year ending December 31st, 2021 For the month ending December 31st, 2021 As at December 31st, 2021
Assets
Current Assets
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Total Current Assets	$

Non-current Assets
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Fixed Assets, Carrying Value	$

Total Assets	$

Liabilities and Shareholder Equity
Current Liabilities
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Total Current Liabilities	$

Long-term Liabilities
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Total Liabilities	$

Shareholder Equiy
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Total Shareholder Equity	$

Total Liabilities and Shareholder Equity	$