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Closing Entries and Post$-$Closing Trial Balance

A work sheet for Megaffin's Repairs for the month ended January $31,20--$ is shown.

Megaffin's Repairs

Work Sheet

For Month Ended January $31,20--$

Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet

Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit

Cash $3,715\mathrm{.}003,715\mathrm{.}003,715\mathrm{.}00$

Accounts Receivable $1,460\mathrm{.}001,460\mathrm{.}001,460\mathrm{.}00$

Supplies $400\mathrm{.}00310\mathrm{.}0090\mathrm{.}0090\mathrm{.}00$

Prepaid Insurance $900\mathrm{.}00240\mathrm{.}00660\mathrm{.}00660\mathrm{.}00$

Delivery Equipment $3,200\mathrm{.}003,200\mathrm{.}003,200\mathrm{.}00$

Accumulated Depreciation$$Delivery Equipment $60\mathrm{.}0060\mathrm{.}0060\mathrm{.}00$

Accounts Payable $1,220\mathrm{.}001,220\mathrm{.}001,220\mathrm{.}00$

Wages Payable $390\mathrm{.}00390\mathrm{.}00390\mathrm{.}00$

Don Megaffin, Capital $7,606\mathrm{.}007,606\mathrm{.}007,606\mathrm{.}00$

Don Megaffin, Drawing $1,000\mathrm{.}001,000\mathrm{.}001,000\mathrm{.}00$

Repair Fees $5,000\mathrm{.}005,000\mathrm{.}005,000\mathrm{.}00$

Wages Expense $2,140\mathrm{.}00390\mathrm{.}002,530\mathrm{.}002,530\mathrm{.}00$

Advertising Expense $100\mathrm{.}00100\mathrm{.}00100\mathrm{.}00$

Rent Expense $630\mathrm{.}00630\mathrm{.}00630\mathrm{.}00$

Supplies Expense $310\mathrm{.}00310\mathrm{.}00310\mathrm{.}00$

Phone Expense $45\mathrm{.}0045\mathrm{.}0045\mathrm{.}00$

Insurance Expense $240\mathrm{.}00240\mathrm{.}00240\mathrm{.}00$

Gas and Oil Expense $200\mathrm{.}00200\mathrm{.}00200\mathrm{.}00$

Depreciation Expense$$Delivery Equipment $60\mathrm{.}0060\mathrm{.}0060\mathrm{.}00$

Miscellaneous Expense $36\mathrm{.}0036\mathrm{.}0036\mathrm{.}00$

$13,826\mathrm{.}0013,826\mathrm{.}001,000\mathrm{.}001,000\mathrm{.}0014,276\mathrm{.}0014,276\mathrm{.}004,151\mathrm{.}005,000\mathrm{.}0010,125\mathrm{.}009,276\mathrm{.}00$

Net Income $849\mathrm{.}00849\mathrm{.}00$

$5,000\mathrm{.}005,000\mathrm{.}0010,125\mathrm{.}0010,125\mathrm{.}00$

Required:

$1.$ Journalize $($page $10)$ and post the adjusting entries.

$2.$ Journalize $($page $11)$ and post the closing entries.