Using the information in P4- 6 and P4- 7, perform the following steps for Tides Tea Company:
In P4- 6
Tides Tea Company began operations on January 1, 2015. During the first year of business, the company had the following transactions:
€¢ January 18: The owners invested $ 200,000 (the par value of the stock) into the business and acquired 40,000 shares of common stock in return.
€¢ February 1: Tides bought factory equipment in the amount of $ 45,000. The company took out a long- term note from the bank to finance the purchase.
€¢ February 28: The company paid cash for rent to cover the 12- month period from March 1, 2015, through February 29, 2016, in the amount of $ 27,000.
€¢ March 1: Tides purchased supplies in the amount of $ 28,000 on account.
€¢ March 22: Tides recorded sales revenue in the amount of $ 120,000. Half of this amount was received in cash and half was paid on account. Ignore cost of goods sold.
€¢ May 1: Tides received cash payments to pay off all the customer accounts.
€¢ May 29: The company paid wages of $ 34,000 in cash.
€¢ July 12: Tides recorded sales revenue in the amount of $ 180,000, all of which was paid in cash. Ignore cost of goods sold.
€¢ July 31: Tides paid $ 3,200 cash for interest on the note taken out on February 1.
€¢ August 8: Tides paid off the balance owed to a supplier for the purchase made on March 1.
€¢ September 1: Tides paid $ 6,000 cash for utilities.
€¢ October 14: Tides paid wages of $ 24,000 in cash.
€¢ November 10: Tides recorded sales revenue in the amount of $ 218,000. One payment of $ 100,000 was received in cash; the remainder of this balance was sold on account. Ignore cost of goods sold.
€¢ December 31: Tides paid a $ 25,000 dividend.
IN P4- 7

Required
a. Journalize and post the necessary closing entries.
b. Prepare a post- closing trial balance as of December 31

Chart of Accounts Account Title Group Account # 100: Assets 101 102 103 104 110 112 Cash Accounts Recaivable Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment 200: Liabilities 201 203 210 220 Accounts Payable Wages Payable Interest Payable Notes Payable 300: Equity 301 310 320 Common Stock Retained Earnings Dividends 400: Revenues 401 Sales Revenue 500: Expenses 501 502 503 Wage Expense Utilities Expense Rent Expense Chart of Accounts Account Title Account # 504 505 506 510 520 Group Administrative Expense Insurance Expense Supplies Expense Depreciation Expense-Equipment Interest Expense 600: Other 601 Income Summary