Presented below are the accounts of an adjusted trial balance for walid company atndecember 31, 2015.
|
cash
|
$25,400
|
|
|
Accounts receivable
|
40000
|
|
|
prepaid insurance
|
|
30000
|
|
equipment
|
70000
|
|
|
depreciation expense
|
14000
|
|
|
walid drawing
|
3000
|
|
|
utilities expense
|
1400
|
|
|
insurance expense
|
1600
|
|
|
account payable
|
3200
|
|
|
notes payable
|
10000
|
|
|
accumulated depreciation
|
|
50000
|
|
advertising expense
|
28000
|
|
|
service revenue
|
1400
|
|
|
service revenue
|
50000
|
|
|
walid capital
|
48000
|
|
|
salaries payable
|
10000
|
|
|
salary expense
|
6000
|
|
Required:
Prepare closing entries at December 31 2015.
Prepare the after closing trial balance at December 31 2015.