Closing Dividends and Preparing a Post-Closing Trial Balance A listing of account balances taken from the adjusted ledger account balances of The Miners’

Guild shows the following:

All revenue and expense accounts have been closed to Retained Earnings. Dividends has not yet been closed.
Prepare (1) the closing entry for Dividends and (2) a post-closing trial balance for December 31, 2009.

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Cash Accounts Receivable Inventory.. $ 45,160 Salaries Payable 112,960 Taxes Payable 156,720 Prepaid Insurance 13,040 Unearned Rent Mortgage Payable $ 18,000 48,800 30,400 180,000 Land 272,000 Capital Stock 88,000 Accounts Payable 57,280 Dividends 40,000 Notes Payable 80,000 Retained Earnings 137,400