I really just needed help with the closing entries and the post-closing trial balance. Can someone help me with that portion please?

please help with closing entries.

Required Using the ene respond to Teal Delton. CUMULATIVE COMPREHENSION PROBLEM: ECHO SYSTEMS CHECK FIGURE: 2. Total credits in post-closing trial balance = $155,720 (The first two segments of this comprehensive problem were in Chapters 2 and 3, and the final segment is p sented in Chapter 5. If the Chapter 2 and 3 segments have not been completed, the assignment can begin at th point. It is recommended that you use the Working Papers that accompany this book because they reflect the account balances that resulted from posting the entries required in Chapters 2 and 3.) The transactions of Echo Systems for October through December 2020 have been recorded in the problem segments in Chapters 2 and 3, as well as the year-end adjusting entries. Prior to closing the temporary accounts for 2020, the accounting system is modified to include the Income Summary account, which is give the number 901. Required 1. Record and post the appropriate closing entries. 2. Prepare a post-closing trial balance. Olic 4. What are 5. What will you do about your concerns to CUMULATIVE COMPREHENSION PROBLEM: ECHO (This comprehensive problem starts in this chapter and continues in Chapters 3, 4, and 5. Because of its length, this problem is most easily solved if you use the Working Papers that accompany this text.) On October 1, 2020, Mary Graham organized a computer service company called Echo Systems. Echo is organ- ized as a sole proprietorship and will provide consulting services, computer system installations, and custom program development. Graham has adopted the calendar year for reporting, and expects to prepare the com- pany's first set of financial statements as of December 31, 2020. The initial chart of accounts for the account ing system includes these items: Account Name Account Number Account Name Account Number 301 Mary Graham, Capital 101 Cash 302 Mary Graham, Withdrawals 106 Accounts Receivable 403 Computer Services Revenue 126 Computer Supplies 623 Wages Expense 128 Prepaid Insurance 655 Prepaid Rent Advertising Expense 131 163 Office Equipment 676 Mileage Expense 167 Computer Equipment 684 Repairs Expense, Computer 201 Accounts Payable 699 Charitable Donations Expense Part A: CHECK FIGURES: 4. Total Dr.= $159,450; Profit= $8.920; Total assets = $145,720 Required 1. Set up balance column accounts based on the chart of accounts provided. 2. Prepare journal entries to record each of the following October transactions. 3. Post the October entries. 4. Prepare a trial balance at October 31, 2020, 5. Prepare an income statement and a statement of changes in equity for the month ended October 31, as well as a balance sheet at October 31, 2020, 14 If students have not purchased the Working Paper package, the Working Papers for the Serial Problems are available on Connect 152 CHAPTER 2 Analyzing and Recording Transactions Graham invested $90,000 cash, a $36,000 computer system, and $18,000 of office equipment in the business Oct 1 Paid rent in advance of $9,000. 2 3 Purchased computer supplies on credit for $2,640 from Abbott Office Products Paid $4.320 cash for one year's premium on a property and liability insurance policy Billed Capital Leasing $6,600 for installing a new computer S DEUT 6 B 10 Paid for the computer supplies purchased from Abbott Office Products Hired Carly Smith as a part-time assistant for $200 per day, as needed Billed Capital Leasing another $2,400 for computer services rendered Received $6,600 from Capital Leasing on its account 12 15 17 20 Paid $1.410 to repair computer equipment damaged when moving into the new office. Paid $3,720 for an advertisement in the local newspaper Received $2.400 from Capital Leasing on its account Billed Decker Company $6,450 for services. Paid Carly Smith for seven days' work 31 Withdrew $7,200 cash from the business for personal use. Part B: CHECK FIGURES: 8. Total Dr.= $184,950; 9. Profit=$27,920; Total assets = $161,120 Required 6. Prepare journal entries to record each of the following November transactions. 7. Post the November entries. 8. Prepare a trial balance at November 30, 2020. 9. Prepare an income statement and a statement of changes in equity for the two months ended Nove 30, 2020, as well as a balance sheet at November 30, 2020. Nov 1 Reimbursed Graham's business automobile expense for 1,000 kilometres at $1.00 per kilometre Received $9,300 cash from Elite Corporation for computer services rendered 2 5 Purchased $1,920 of computer supplies for cash from Abbott Office Products Billed Fostek Co. $8,700 for computer services rendered B 13 Notified by Alamo Engineering Co, that Echo's bid of $7,500 for an upcoming project was accepted. Received $3,750 from Decker Company against the bill dated October 28. 18 22 Donated $1,500 to the United Way in the company's name. 24 Completed work for Alamo Engineering Co. and sent a bill for $7,500. 25 Sent another bill to Decker Company for the past due amount of $2,700 28 Reimbursed Graham's business automobile expense for 1.200 kilometres at $1.00 per kilometre. Paid Carly Smith for 14 days' work. 30 30 Withdrew $3,600 cash from the business for personal use. 22855 31 CUMULATIVE COMPREHENSION PROBLEM: ECHO SYSTEMS (This comprehensive problem was introduced in Chapter 2 and continues in Chapters 4 and 5. If the Chapter 2 segment has not been completed, the assignment can begin at this point. You need to use the facts presented in Chapter 2. Because of its length, this problem is most easily solved if you use the Working Papers that accompany this book.) 232 After the success of its first two months, Mary Graham has decided to continue operating Echo Systems. (The mansactions that occurred in these months are described in Chapter 2.) Before proceeding in December, Gra- ham adds these new accounts to the chart of accounts for the ledger Account No. Accumulated Depreciation, Office Equipment. Accumulated Depreciation, Computer Equipment. Wages Payable. 164 168 210 22610 236 Unearned Computer Services Revenue. Depreciation Expense, Office Equipment. Depreciation Expense, Computer Equipment. Insurance Expense 612 613 637 Rent Expense 640 Computer Supplies Expense 652 Required 1 Prepare journal entries to record each of the following transactions for Echo Systems. Post the entries to the accounts in the ledger. Dec 3 Paid $2,100 to the Lakeshore Mall for the company's share of mall advertising costs. Paid $1,200 to repair the company's computer 3 Received $7,500 from Alamo Engineering Co. for the receivable from the prior month. 4 10 Paid Carly Smith for six days' work at the rate of $200 per day. 14 Notified by Alamo Engineering Co. that Echo's bid of $12,000 on a proposed project was accepted. Alamo paid an advance of $3,000 17 Purchased $2.310 of computer supplies on credit from Abbott Office Products 18 Sent a reminder to Fostek Co to pay the fee for services originally recorded on November 8. 20 Completed a project for Elite Corporation and received $11,250 cash. 24-28 Took the week off for the holidays. 31 Received $5,700 from Fostek Co. on its receivable. 31 Reimbursed Mary Graham's business automobile expenses of 600 kilometres at $1.00 per kilometre. Graham withdrew $3,600 cash from the business 31 2. Prepare adjusting entries to record the following additional information collected on December 31, 2020. Post the entries to the accounts in the ledger.. a. The December 31 inventory of computer supplies was $1,440. b. Three months have passed since the annual insurance premium was paid. c. As of the end of the year, Carly Smith has not been paid for four days of work at the rate of $200 per day. d. The computer is expected to have a four-year life with no residual value. e. The office equipment is expected to have a three-year life with no residual value. f. Prepaid rent for three of the four months has expired. 3. Prepare an adjusted trial balance as of December 31, 2020. 4. Prepare an income statement and statement of changes in equity for the three months ende- December 31, 2020. 5. Prepare a balance sheet as of December 31, 2020. 23