The adjusted trial balance for Fraser Valley Services Ltd. is given in E4-8.

In E4-8

The unadjusted and adjusted trial balances follow for Fraser Valley Services Ltd. at the end of its fiscal year, August 31. The company adjusts its accounts annually.

Instructions
(a) Prepare the closing entries at August 31.
(b) Prepare a post-closing trial balance.

FRASER VALLEY SERVICES LTD Trial Balance August 31, 2012 Unadjusted DebitCredit Adjusted DebitCredit $ 7,430 16,000 3,150 4,550 25,600 S 7,430 Accounts receivable Supplies Prepaid insurance Equipment 1,400 3,450 25,600 Accumulated depreciation-equipment Accounts payable Salaries payable Interest payable Rent payable Income tax payable 3,630 7,800 $ 5,905 7,800 2,200 1,500 1,250 900 700 25,000 5,000 5,400 Unearned revenue Bank loan payable, 6%, due September 1, 2012 1,700 25,000 5,000 5,400 Retained earnings Dividends 39,550 44,275 Service revenue Salaries expense 17,000 13,750 19,200 15,000 2,275 1,750 1,500 1,100 Rent expense Depreciation expense Interest expense Income tax expense Supplies expense $88,080 88,080 $99,930 S99,930