Problem 3-6A (Algo) Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) The year-end financial statements of Cobra Tax Services are provided below. Service revenue Expenses: Salaries Utilities Insurance Supplies Net income COBRA TAX SERVICES Income Statement $ 67,500 $ 44,000 6,200 3,800 1,100 55,100 $ 12,400 COBRA TAX SERVICES Statement of Stockholders' Equity Total Common Stock Retained Stockholders' Earnings Equity Beginning balance, January 1 Issue stock Net income Dividends Ending balance, December 31 $ 40,000 $ 22,500 10,000 62,500 10,000 12,400 (4,000) 12,400 (4,000) $ 50,000 $ 30,900 $ 80,900 COBRA TAX SERVICES Assets Cash $ 2,700 Accounts payable Accounts receivable Land 5,200 80,000 Balance Sheet Liabilities Stockholders' Equity Common stock Retained earnings $ 7,000 $ 50,000 30,900 Total assets $ 87,900 Total liabilities and equities 80,900 $ 87,900 Required: 1. Record year-end closing entries. 2. Prepare a post-closing trial balance. (Hint. The balance of Retained Earnings will be the amount shown in the balance sheet.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record year-end closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record year-end closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record the entry to close the expense accounts. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record year-end closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record the entry to close the dividends account. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a post-closing trial balance. (Hint: The balance of Retained Earnings will be the amount shown in the balance sheet.) Totals COBRA TAX SERVICES Post-Closing Trial Balance Accounts Debit Credit < Required 1 Required 2 >