Chapter Seven Closing Entries and Post Closing Trial Balance Problem 7-3: below is the adjusted trial balance of the Shyla Denise Counseling Firm Shyla Denise Counseling Firm Worksheet Adjusted Trial Balance 45,000 12,000 500 1,000 25,000 3,000 Account Name Cash Accounts Receivable Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depr., Office Equipment Accounts Payable S. Denise, Capital Counseling Fees Earned Rent Expense Insurance Expense Depreciation Expense, Office Equipment Utilities Expense Salaries Expense 15,000 35,000 54,400 3,000 2,000 1,000 2,900 15.000 107,400 107,400 Required Using the adjusted trial balance figures, complete a worksheet. Prepare the closing entries. Prepare an Income Statement, Statement of Owner's Equity, and Balance Sheet