Using the information in P4-3 and P4-4, perform the following steps for Herman and Sons':

Data from P4-3

Herman and Sons' Law Offices opened on January 1, 2018. During the first year of business, the company had the following transactions:
• January 2: The owners invested $250,000 (the par value of the stock) into the business and acquired 25,000 shares of common stock in return.
• January 15 : Herman and Sons· bought a n office building in the amount of $80,000. The company took out a long-term note from the bank to finance the purchase.
• February 12: Herman and Sons' billed clients for $60,000 of services performed.
• March 1: Herman and Sons' took out a two-year insurance policy, which it paid cash for in the amount of $22,000.
• March 10: Herman collected $20,000 from clients toward the outstanding accounts receivable balance.
• May 13: Herman received cash payments totaling $210,000 for legal services-$40,000 was for services previously billed to customers on February 12 and the remainder was for services provided in May not yet recorded.
• June 10: Herman purchased office supplies in the amount of $35,000, all on credit.
• July 15: Herman paid wages of $16,000 in cash to office staff workers.
• August 8: Herman paid off the $35,000 balance owed 10 a supplier for the purchase made on June 10.
• September 3: Herman and Sons' purchased$ 25,000 of office supplies in cash.
• September 20: The company paid $11,000 cash for utilities.
• October 1: Herman and Sons· paid wages in the amount of $24,000 to office workers.
• December 1: Herman and Sons' received cash payments from clients in the amount of $320,000 for services to be performed in the upcoming months.
• December 31: Herman declared and paid a $10,000 dividend.
The chart of accounts used by Herman and Sons' Law Offices is as follows:

Required

a. Journalize and post the necessary closing entries at year-end. Omit explanations.

b. Prepare a post-closing trial balance as of December 31, 2018.

Chart of Accounts Group Account # Account Title 100: Assets Cash 101 102 Accounts Rece vable Off ce Supplies 103 Prepaid Insurance 104 110 Build ng Accumu ated Deprecat on Building 112 Chart of Accounts Acco unt Title Group Account # 200: Liab lit es 201 Accounts Payable 202 Unearned Service Revenue 203 Wages Payabe 210 Interest Payabe 220 Notes Payable 300: Stockho ders'Equity 301 Common Stock 310 Retained Eamings D vidends 320 400: Revenues Service Revenue 401 500: Expenses 501 Wage Expense Utiities Expense 502 503 Selling Expense Administrat ve Expense 504 505 Insurance Expense Supp ies Experse 506 Depreciation Expense-Building 510 520 Interest Expense 600: Other Income Surmmaiy 601