Question: Explain the closing entry process and prepare the closing entries in journal form. POST COMPANY ADJUSTED TRIAL BALANCE Debit CreditCash 80,000 Accounts Receivable 12,000 Prepaid

Explain the closing entry process and prepare the closing entries in journal form.

POST COMPANY

ADJUSTED TRIAL BALANCE Debit CreditCash 80,000 Accounts Receivable 12,000 Prepaid Insurance 2,000 Equipment 4,000 Accumulated Depreciation 100Supplies 400 Accounts Payable 800Wages Payable 200Unearned Revenue 1,200Contributed Capital 82,400Retained Earnings 0Sales 16,000Gas Expense 200 Supply Expense 400 Insurance Expense 400 Depreciation Expense 100 Wage Expense 200 Dividends 1,000 100,700

100,700

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