The adjusted trial balance for Unser Company, owned by J. Unser, is as follows:

Instructions
a. Prepare closing entries.
b. Use T accounts to post the closing entries and calculate the balance in each account.
c. Prepare a post-closing trial balance.

Taking It Further

Explain the standard classifications used in preparing a classified balance sheet.

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Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Notes payable Accounts payable Salaries payable J. Unser, capital J. Unser, drawings Service revenue UNSER COMPANY Adjusted Trial Balance December 31, 2024 Advertising expense Supplies expense Depreciation expense Insurance expense Salaries expense Interest expense Debit $ 11,240 12,500 1,600 3,600 36,000 18,000 7,600 3,200 4,000 1,200 16,200 660 $115,800 Credit $ 12,000 22,000 5,200 3,300 18,000 55,300 $115,800