The general ledger for Show biz Video shows the following at December 31:

Using the preceding account names and balances:

1. Prepare the six-column work sheet. The period covered is one month.

2. Prepare the financial statements. Greg Failla invested $10,000 during the month.

3. Record the closing entries on page 12 of the general journal.

4. Post the closing entries.

5. Prepare a post-closing trial balance.

Transcribed Image Text:

General Ledger 101 Cash in Bank 105 Accts. Rec.-G. Cohen 3,000 110 Accts. Rec.-J. Coletti 900 113 Accts. Rec.-S. Flannery 1,800 115 Accts. Rec.-Spring Branch School District 1,500 130 Office Equipment 5,000 401 Video Rental Revenue 8,000 405 VCR Rental Revenue 135 Office Furniture 140 Computer Equipment 10,000 501 Advertising Expense 145 Video Tapes 150 Video Equipment 20,000 505 Equipment Repair 9,000 Expense 201 Accts. Pay-Broad Street Office Supply 400 205 Accts. Pay.- Computer Horizons 15,500 12,000 207 Accts. Pay.- New Media Suppliers 3,000 209 Accts. Pay.-Palace Films 14,000 301 Greg Failla, Capital 33,775 305 Greg Failla, Withdrawals 4,000 310 Income Summary 9,600 3,500 1,600 1,200 400 1,000 375 510 Maintenance Expense 520 Rent Expense 530 Utilities Expense