Tony has decided to end the Precision Computer Centre’s first year as of July 31, 2019. Below is an updated chart of accounts. 

Assignment 

(Use the Excel templates in MyAccountingLab to complete this question. The adjusting entries have been posted and are reflected in the ledger account balances in the Excel templates.) 

1. Journalize the closing entries. 

2. Post the closing entries to the ledger. 

3. Prepare a post-closing trial balance.

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Assets Revenue 1000 Cash 4000 Service Revenue 1020 Accounts Receivable 1025 Prepaid Rent 1030 Supplies 1080 Computer Shop Equipment 1081 Accumulated Depreciation, Computer Shop Equipment 1090 Office Equipment 1091 Accumulated Depreciation, Office Equipment Expenses 5010 Advertising Expense 5020 Rent Expense 5030 Utilities Expense 5040 Phone Expense 5050 Supplies Expense 5060 Insurance Expense 5070 Postage Expense 5080 Depreciation Expense, Computer Shop Equipment 5090 Depreciation Expense, Office Equipment Liabilities 2000 Accounts Payable Owner's Equity 3000 T. Freedman, Capital 3010 T. Freedman, Withdrawals 3020 Income Summary