Question - Explain the closing entry process and prepare the closing entries in journal form based on the information below.
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POST COMPANYADJUSTED TRIAL BALANCE
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Debit
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Credit
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Cash
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80,000
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Accounts Receivable
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12,000
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Prepaid Insurance
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2,000
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Equipment
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4,000
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Accumulated Depreciation
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100
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Supplies
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400
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Accounts Payable
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800
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Wages Payable
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200
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Unearned Revenue
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1,200
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Contributed Capital
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82,400
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Retained Earnings
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0
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Sales
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16,000
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Gas Expense
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200
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Supply Expense
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400
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Insurance Expense
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400
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Depreciation Expense
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100
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Wage Expense
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200
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Dividends
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1,000
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100,700
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100,700
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