On the shown below is the post-closing trial balance submitted to you by the bookkeeper of Tafoya Consulting Company. Assume that the debit total ($ 41,048) is correct.

a. Analyze the work and prepare a response to what you have reviewed.

b. Journalize the closing entries.

c. What is the net income or net loss?

d. Is there an increase or a decrease in Capital?

e. What would be the ending amount of Capital?

f. What is the new balance of the post-closing trial balance?

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Tafoya Consulting Company Post-Closing Trial Balance December 31, 20 Account Name Debit Credit 3.412 1,693 2,147 Accounts Receivable Prepaid Insurance C. Tafoya, Capital C. Tafoya. Drawing Consulting Fees Wages Expense Rent Expense Advertising Expense Supplies Expense Insurance Expense Miscellaneous Expense 13,818 6.360 25603 11.994 9.800 2,592 914 1,610 41,048 41,048