Refer to the adjusted trial balance in E3–16.

Data from in E3-16

The December 31, 2024, adjusted trial balance for Fightin’ Blue Hens Corporation is presented below.

Required:
1. Record the necessary closing entries at December 31, 2024.
2. Prepare a post-closing trial balance.

Transcribed Image Text:

Accounts Cash Accounts Receivable Prepaid Rent Supplies Land Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Utilities Expense Interest Expense Totals Debit $ 12,000 150,000 6,000 30,000 265,000 400,000 20,000 40,000 5,000 $928,000 Credit $ 12,000 11,000 5,000 40,000 300,000 60,000 500,000 $928,000