1 2 3 The Adjusted Trial Balance as of 12.31.13 for Twisty's Twisted Little Shoppe of Horrors is provided below. This is the first year of operations. Prepare financial statements. Prepare and post closing journal entries. Prepare the post closing trial balance. Check Figures: Net Income is 146,500. Total Assets is 610,000. 4 5 Trial Balance Adjusted Trial Balance Post Closing Trial Balance 6 Cash 240,000 240.000 7 Accounts Receivable 40,000 40,000 8 Supplies 6,000 4,000 9 Prepaid Rent 20,000 13,000 10 Prepaid Insurance 5,000 4,000 11 Equipment 150,000 150,000 12 Accumulated Depreciation - Equipment 90,000 100,000 13 Furniture 15,000 15,000 14 Accumulated Depreciation - Furniture 0 6,000 15 Car 20,000 20,000 16 Accumulated Depreciation - Car 20,000 20,000 17 Land 250,000 250,000 18 Accounts Payable 37,500 37,500 19 Salaries Payable O 15,000 20 Notes Payable 235,000 235,000 21 Capital - Twisty 230,000 230,000 22 Drawing - Twisty 54,000 54,000 23 Service Revenue 245,500 245,500 24 Salaries Expense 30,000 45,000 25 Electric Expense 2,000 2,000 26 Rent Expense 26,000 33,000 27 Supplies Expense 0 2,000 10,000 28 Depreciation Expense - Equipment 0 29 Depreciation Expense - Furniture 0 6,000 30 Insurance Expense 0 1,000 31 Totals 858,000 858,000 889,000 889,000 32 33