Question: From the work sheet on page 605 prepare the following: 1. Closing entries for Balloons and Baubbles in a general journal. 2. A post-closing trialbalance.

From the work sheet on page 605 prepare the following:

1. Closing entries for Balloons and Baubbles in a general journal.

2. A post-closing trialbalance.

Balloons and Baubbles Work Sheet For Year Ended December 31, 20-1 ATENTS KJTD AL BLACE NECME STAEMET MALANCE SET TRAL ALANE ACCOT TE CIEDT CIED DIEDE 2800 00 4200 00 7500 00 500 00 500 00 2800 00 4200 00 7500 00 500 00 500 00 Cash 21 8 00 4201001 80100 8100 2100 3000 00 Accounts FRacevatie (b) 7500 00 (a) 8 600 00 (C) 280 00 120 00 Merchandse invantory Supplas Propald hsurance (d) 3000 00 3000 00 Equipment Acum. Depr.-Equpmont 300 00 900 00 6 0 001 18 00 00 900 00 (0) Accounts Payable 1800 00 200 00 B0 00 12 200 00 1800 00 200 00 200 00 Wages Payabie Sales Tax Payable 12 2 0 001 12 200 00 L. Martow, Capital L. Marlow, Drawing 2 000 00 2000 00 000 (2 8 600 00 (D) 7500 00 8 6 00 00 7500 00 8 600 00 7500 00 income Summary 31 0 00 00 31 G00 00 31 0 00 00 Sales 800 00 22 000 00 B00 22| 00 Sales Retums and Allowances E0 0 00 22 01001 Purchases 18 00 00 407 00 1800 00 407 00 1800 00 407 00 Purchases Roturns and Allowances Purchases DIscounts 200 00 1400 00 Freight-in 20100 12 00 00 3 00 200 00 1400 00 300 00 200 00 esuadig setem Advertising Expense Supplas Exponse 300 00 280 00 (C) 280 00 2800 700 00 0100 480 00 Telephone Expense 700 00 utnties Expenso 480 00 4B0 00 120 00 insurance Expensa 120 00 12000 (0) Depr. Expense Equipment 300 00 300 00 (e) 300 00 110 00 97 00 Miscellaneous Expense 110 00 110 00 interest Expense 97 00 97 00 17 00 0 00 55 E87 00 55 8 87 00 35 38 7 00 40 7 07 00 20 5 00 00 47 E8700 47887 00 17 000 00 1B0 00 5320 00 40 707 00 40 707 00 20 5 00 00 Net income 5320 00 500 00

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