Use the information provided in P3-9B.

Required

a. Prepare closing entries at December 31 in general journal form using the Income Summary account.

b. After the closing entries are posted, calculate the ending balance in the Retained Earnings account.

c. Prepare a post-closing trial balance.

Problem P3-9B

The adjusted trial balance for Barry Moving Service as of December 31 is as follows:

Transcribed Image Text:

Cash....... Accounts receivable. Supplies.... Prepaid advertising.. Trucks...... Accumulated depreciation-Trucks Equipment... Accumulated depreciation-Equipment. Accounts payable..... Unearned service fees. Common stock... Retained earnings Dividends... Service fees earned Wages expense Rent expense. Insurance expense.. Supplies expense. Advertising expense.. Depreciation expense-Trucks.. Depreciation expense-Equipment. Totals... Adjusted Trial Balance Debit $ 5,400 Credit 5,250 5,300 3,000 30,300 $ 10,000 7,600 2,100 1,200 6,700 11,000 16,750 7,700 81,000 31,200 10,200 4,900 5,100 8,000 4,000 800 $128,750 $128,750