In the middle of the end-of-period activities, the accountant for Buzz Newsstand was called away because of an illness in the family. Before leaving, the accountant prepared the work sheet and the financial statements. However, the business manager can locate only the trial balance shown here (before adjustments) and the income statement shown below. 

Instructions 

In your working papers:

1. Journalize the adjusting and closing entries on page 16 of the general journal.

2. Using the information provided, prepare a post-closing trial balance.

Transcribed Image Text:

Buzz Newsstand Trial Balance, Before Adjustments December 31, 20-- 101 Cash in Bank 115 Accounts Receivable 130 Merchandise Inventory 135 Supplies 140 Prepaid Insurance 145 Delivery Truck 201 Accounts Payable 204 Fed. Corp. Income Tax Pay. 215 Sales Tax Payable 301 Capital Stock 305 Retained Earnings 310 Income Summary 401 Sales 410 Sales Returns and Allowances 501 Purchases 505 Transportation In 510 Purchases Discounts 515 Purchases Returns and Allowances 601 Advertising Expense 625 Fed. Corp. Income Tax Expense 635 Insurance Expense 650 Miscellaneous Expense 660 Salaries Expense 665 Supplies Expense Utilities Expense 675 Totals 12 03500 6 106 00 64 800 00 391600 5 400 00 46 106 00 950000 168 62 400 823600 4 000 00 12 500 00 1 600 00 26 900 00 420000 373 92300 INST Fill+ 469000 41600 40 000 00 24 603 00 299 156 00 295000 210800 373 923 00