Refer to the work sheet in Problem 6-7A for Monte's Repairs. The trial balance amounts (before adjustments) have been entered in the ledger accounts provided in the working papers. If you are not using the working papers that accompany this book, set up ledger accounts and enter these balances as of January 31, 20--. A chart of accounts is provided below.

REQUIRED
1. Journalize (page 10) and post the adjusting entries.
2. Journalize (page 11) and post the closing entries.
3. Prepare a post-closing trialbalance.

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Monte's Repairs Chart of Accounts Assets Revenues 401 Repair Fees 101 Cash 122 Accounts Receivable Supplies 145 Prepaid Insurance 185 Delivery Equipment 185.1 Accum. Depr.-Delivery Equip. 141 Expenses 511 Wages Expense 512 Advertising Expense 521 Rent Expense 523 Supplies Expense 525 Telephone Expense 535 Insurance Expense 538 Liabilities 202 Accounts Payable 219 Wages Payable Gas and Oil Expense Depr. Exp.--Delivery Equip- Miscellaneous Expense 541 Owner's Equity 311 Monte Eli, Capital 312 Monte Eli, Drawing 313 Income Summary 549