Affordable Trailer Rental rents small trailers by the day for local moving jobs. This is its adjusted trial balance at the end of the current fiscal year:

Required
1. From the information given, record closing entries in journal form.
2. If closing entries were not prepared at the end of the accounting period, what problems would result in the next accountingperiod?

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Affordable Traller Rental Adjusted Trial Balance June 30, 2011 12,000 Accumulated Depreciation-Trailers $ 7.200 5,694 A. Tropp, Withdrawals Trailer Rentals Revenue 23,400 Depreciation Expense-Trailers S58,911 558,911