Part 4 Required: A. Prepare Closing Entries B. Update General Ledger Balances from Parts 1 & 2 C. Prepare a Post-Closing Trial Balance Closing Entries Date Account Titles Debit Credit Stellar Student Tutoring Income Statement For the month ended Feb. 28th 40,590 Tutoring Service Revenue Wage Expense Utility Expense Insurance Expense Supply Expense Depreciation Expense Interest Expense Total Expenses Net Income $ 23,900 $ 3,330 $ 217 $ 7,600 625 1.250 (36,922) 3,668 Stellar Student Tutoring Income Statement For the month ended Feb. 28th Begin Retained Earnings Net Income Dividends End Retained Earnings 27,400 3,668 (2,000) 29,068 Stellar Student Tutoring Balance Sheet As of Feb. 28th Cash Accts. Receivable Supplies Prepaid Insurance Total Current Assets Land Building Accumulated Depreciation Total Assets 40,820 6,840 1,500 7,583 56,743 68,000 150,000 (625) 274,118 $ Accounts Payable Unearned Revenue Wage Payable Interest Payable Note Payable Total Liabilities Common Stock Retained Earnings Total Liabilities & Stockholders Equity 1,450 5,750 11,600 1,250 125,000 145,050 100,000 29,068 274,118 $ ACH 40,820 Waas Paralele TOODFes 28 mired: mare an ulate ti are a E Accounts Receivable 6840 Interest Buab 2SO Cebe 2 Savice Supplies 9100 17600 soo Feb 28 Sales Revenue 35840 4730 feb28 40,590 Prepair Insurance 216.67 7983.33 7,805 Febrs Wagl Expense 12,300 11,600 feb 28 23900 Land 68,000 Utility Expense 3330 Building ISO,000) lusurance Expense Feb28 2116.67 com Deer 625 Supply Expense feb 28 Feb 28 7600 AcDonts Iguable 1450 feb 28 Deprecation Expense 625 Umamid Zammie 10500 feb 28 4,750 5750 Feb28 Interest Expense 1250 Nokes PanAble 125,000 lologno M Pachuk Lommon sterk 100,000 Pekared Earnings 27400 zvidends Stellar Student Tutoring Post-Closing Trial Balance February 28, 2020 Debit Account Credit