The year-end financial statements of Blue Devil Tax Services are provided below.

Required:
1. Record year-end closing entries.
2. Prepare a post-closing trial balance?

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BLUE DEVIL TAX SERVICES Statement of Stockholders' Equity BLUE DEVIL TAX SERVICES Income Statement Common Retained Total Stock Earnings S. Equity $72,500Beg. bal., Service revenue Expenses Jan. 1 Issue stock Net income Dividends $50,000 $23,500 Salaries Utilities Insurance Supplies Net income 73,500 20,000 13,900 5,000) $45,000 20,000 7,200 4,800 1,600 58,600 Ending bal., 13,900 $13.900 Dec. 31 $70,000 $32,400 $102,400 BLUE DEVIL TAX SERVICES Balance Sheet Assets Liabilities Cash Accounts receivable Land S 3,700 Accounts payable S 7,500 6,200 Stockholders' Equity 00,000 Common st $70,000 32,400 Retained earnings 102,400 $109,900 Total assets $109.900 Total liabs. and equities