2. Prepare the closing journals by using the adjusted trial balance attached with the assignment and prepare the post closing trial balance. (20 Marks) Requirements: Paul's Guitar Shop, Inc. Adjusted Trial Balance December 31, 2015 Debit Account Credit $ 32,800 300 1,000 39,800 100,000 Cash Accounts Receivable Prepaid Rent Inventory Leasehold Improvements Accumulated Depreciation Accounts Payable Accrued Expenses Unearned Income Long-term Liabilities Common Stock Dividends Revenues Cost of Goods Sold Depreciation Expense Rent Expense Supplies Expense Utilities Expense Wages Expense Interest Expense 2,000 $ 49,000 450 1,000 99,500 10,000 1,000 27,800 10,200 2,000 500 500 400 750 500 $ 189,750 $ (189,750) Totals