Explain the closing entry process and prepare the closing entries in journal form based on the information below:

POST COMPANY
ADJUSTED TRIAL BALANCE
	Debit	Credit
Cash	80,000
Accounts Receivable	11,100
Prepaid Insurance	1,500
Equipment	4,000
Accumulated Depreciation		200
Supplies	500
Accounts Payable		700
Wages Payable		300
Unearned Revenue		1,500
Contributed Capital		80,000
Retained Earnings		0
Sales		17,000
Gas Expense	400
Supply Expense	300
Insurance Expense	200
Depreciation Expense	200
Wage Expense	500
Dividends	1,000
	99,700	99,700

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