Prepare the closing entries in journal

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Question - Explain the closing entry process and prepare the closing entries in journal form based on the information below.

POST COMPANYADJUSTED TRIAL BALANCE




Debit

Credit


Cash

80,000



Accounts Receivable

12,000



Prepaid Insurance

2,000



Equipment

4,000



Accumulated Depreciation 


100


Supplies

400



Accounts Payable


800


Wages Payable


200


Unearned Revenue


1,200


Contributed Capital


82,400


Retained Earnings


0


Sales


16,000


Gas Expense

200



Supply Expense

400



Insurance Expense

400



Depreciation Expense

100



Wage Expense

200



Dividends

1,000




100,700

100,700


Reference no: EM131607889

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