1. Journalize and post the closing entries.

2. Prepare a post-closing trial balance

Rausch Company's partial work sheet for the month ended May 31 of the current year is given below. The general ledger accounts are given in the Working Papers. The general ledger accounts do not show all details for the fiscal period. The balance shown in each account is the account's balance before closing entries are posted INCOME STATEMENT ACCOUNT TITLE CREDIT DET 1 NI 3 BALANCE SHEET DEBIT CREDIT 3 475 00 20 000 3 7 5.00 3 9 000 4 00 00 30 000 5 0 1 2007 3 00 00 4 . . 7 . Cash 2 Petty Cash Accounts Receivable M. Monesnud Supplies Prepaid Insurance Accounts Payable-Lexington Supply Rhonda Rausch, Capital Rhonda Rausch, Drawing Income Summary 10 Sales Advertising Expense 12 Cash Short and Over Insurance Expense Miscellaneous Expense 1 Supplies Expense Utilities Expense 10 12 13 14 14 1 790.00 2/2 500 2.00 1 7 5 00 41000 700 00 82 000 19 6.200 1 79 000 17200 1 96200 1 962 00 16 16 17 51 4 000 53 12.00 172.00 5 3 1 200 5 3 1 200 TO Net Loss 19 20 21 22 23 Instructions: 1. Continue on page 10 of the journal. Journalize and post the closing entries. 2. Prepare a post-closing trial balance. Journalizing and posting closing entries with a net loss; preparing a post-closing trial balance 1. JOURNAL PABE 4 DATE ACCOUNT TITLE POST DOC. NO GENERAL DEBUT CREDIT TTTT TA SALES CREDIT TTT CANH DEB TTTT CREDIT TTTT FD 01 11 03 13 16 ... 15 10 83 12 10 TB 10 120 21 22 23 23 24 35 ACCOUNT NO 110 DATE ITEM POST REF DEBIT CREDIT BALANCE CREDIT DERIT May 31 Balance 3 47 500 ACCOUNT Petty Cash ACCOUNT NO. 120 DATE ITEM POST REF DEBIT CREDIT BALANCE CREDIT DEBIT May 31 Balance 2lololoo ACCOUNT Accounts Receivable-M. Monesrud ACCOUNT NO. 130 BALANCE DATE ITEM POST REF DERIT CREDIT DEBIT CREDIT May 31 Balance 3 7 500 ACCOUNT Supplies ACCOUNT NO. 140 BALANCE DATE ITEM POST REF DEBIT CREDIT DERIT CREDIT 39000 May 31 Balance ACCOUNT Prepaid Insurance ACCOUNT NO. 150 BALANCE POST REF CREDIT DEDIT ITEM DATE DEDIT CREDIT 40000 May 31 Balance ACCOUNT Accounts Payable-Lexington Supply ACCOUNT NO. 210 BALANCE DATE ITEM POST REF DEBIT CREDIT DEBIT CREDIT May 31 Balance 30 000 ACCOUNT Rhonda Rausch, Capital ACCOUNT NO. 310 BALANCE DATE ITEM POST REF DEBIT CREDIT DEBIT CREDIT May 31 Balance 5 0 12 00 ACCOUNT Rhonda Rausch, Drawing ACCOUNT NO. 320 BALANCE DATE ITEM POST REF DEBIT CREDIT DEBIT CREDIT May 31 Balance 3 00 00 f ACCOUNT Income Summary ACCOUNT NO. 330 BALANCE DATE ITEM POST REF DEBIT CREDIT DEBIT CREDIT ACCOUNT Sales ACCOUNT NO. 410 BALANCE DATE ITEM POST REF DEBIT CREDIT DERIT CREDIT May 31 Balance 1 790 00 Account Advertising Expense ACCOUNT NO. 510 DATE ITEM POGY RER DERE CREDIT BALANCE CREOTY and DEST May 31 Balance 22 5100 ACCOUNT Cash Short and Over ACCOUNT NO. 520 ice WALANCE DATE ITEM POST DEBIT CREDIT BEBIT CREDIT May 31 Balance 2.00 ACCOUNT Insurance Expense ACCOUNT NO 530 LILI BALANCE DATE ITEM NOST REF DEBIT CREDIT DEBIT CREDIT May 31 Balance 175.00 ACCOUNT Miscellaneous Expense ACCOUNT NO. 540 DATE ITEM POST REF DEBIT BALANCE CREDIT CREDIT DEBIT 40 00 May 31 Balance Supplies Expense ACCOUNT NO. 550 ACCOUNT BALANCE DATE ITEM POST REF DEBIT CREDIT DERIT CREDIT 7 olo oo May 31 Balance ACCOUNT Utilities Expense ACCOUNT NO. 560 BALANCE POST REF ITEM DEBIT DATE CREDIT DEBIT CREDIT 82000 May 31 Balance ACCOUNT TITLE CREOT