Refer to the data for Rocky Mountain Resort Inc. in P4.12B.

Instructions
(a) Prepare the closing journal entries.
(b) Post the closing entries to the T accounts prepared in P4.12B.
(c) Prepare a post-closing trial balance at August 31.

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DebitCredit Cash Supplies Prepaid insurance Land Buildings Accumulated depreciation-buildings Furniture Accumulated depreciation-furniture Accounts payable Unearned revenue Mortgage payable, due 2021 Common shares Retained earnings Dividends declared Rent revenue Salaries expense Utilities expense Repairs and maintenance expense Interest expense Income tax expense $ 38,820 6,990 12,720 70,000 290,00O $ 87,000 57,200 22,880 13,000 71,000 120,00O 40,000 72,000 10,000 497,000o 306,000 75,200 28,250 7,700 $922,880 $922,880