Chapter Seven

Closing Entries and Post Closing Trial Balance

Problem $7-3$:

Listed below is the adjusted trial balance of the Shyla Denise Counseling Firm.

Shyla Denise Counseling Firm

Worksheet

$\backslash$table$[[$Account Name,Adjusted Trial Balance$],[\backslash$table$[[$Account Name$],[$Cash$],[$Accounts Receivable$]],45,000],[$Prepaid Rent,$12,000],[$Prepaid Insurance,$500],[$Office Equipment,$25,000],[\backslash$table$[[$Accumulated Depr.,$],[$Office Equipment$]],,3,000],[\backslash$table$[[$Oftice Equipment$],[$Accounts Payable$]],$oo$],[$S$.$ Denise, Capital,,$\backslash$table$[[15,000],[35,000],[54,400]]],[$Counseling Fees Earned,$],[$Rent Expense,$\{$

$\backslash$table$[[3,000],[2,000]]\}],[$Insurance Expense$],[\backslash$table$[[$Depreciation Expense,$],[$Office Equipment$]],1,000],[$Utilities Expense,$\{$

$\backslash$table$[[2,900],[15,000]]\}],[$Salaries Expense$],[107,400]]$

Required

a$.$ Using the adjusted trial balance figures, complete a worksheet.

b$.$ Prepare the closing entries.

c$.$ Prepare an Income Statement, Statement of Owner's Equity, and Balance Sheet.