6. Prepare closing journal entries
Account #	Account Title	debit	credit
1	Insurance expense	500
	Prepaid Insurance		500
2	Supplies expense	1250
	Supplies		1250
3	Prepaid Rent	7500
	Cash		7500
4	Depreciation	12000
	Accumulated Depreciation		12000
5	Sales salaries expense	3000
	Wages Payable		3000
6	Office salaries expense	4000
	Wages Payable		4000
7	Merchandise Inventory	35400
	Accounts Payable		35400
8	Cost of Goods Sold	72550
	Merchandise Inventory		72550
Baltimore Glass Company
Trial Balance
42369
Acct.
No.	Account Title	Debit	Credit
101	Cash	85450
110	Accounts Receivable	195613
120	Merchandise Inventory	256250
125	Supplies on Hand	2000
130	Prepaid Insurance	6500
131	Prepaid Rent	7500
150	Equipment	175285
160	Accumulated Depreciation		36260
202	Accounts Payable		72555
210	Wages Payable		7000
301	Capital Stock		220000
302	Retained Earnings, January 1		211144
401	Sales		998250
405	Sales Returns and Allowances	5145
410	Interest Income		1500
500	Purchases	560880
501	Purchases Discounts		4080
502	Purchases Returns and Allowances		1200
505	Freight In	4580
520	Advertising Expense	1000
530	Sales Salaries Expense	91600
532	Supplies Expense	1252
540	Office Salaries Expense	128500
550	Utilities Expense	8594
555	Insurance Expense
560	Professional Fees Expense	3000
570	Depreciation Expense	12000
580	Interest Expense	6840
		1551989	1551989
Baltimore Glass Company
Income Statement
For the Year Ended 12/31/2015
	Particulars	Adjustments	Amounts	Particulars	Adjustments	Amounts
	Opening Stock		256250	Sales	998,250
	Purchases	560880		Less: Sales Returns/Allowances	(5,145)	993105
	Less: Puchases/Discounts	(4080)		Interest Income		1500
	Less: Purchases Returns/Allowances	(1200)	555600	Closing Stock		219100
	Freight In		4580
	Sales Salaries Experience		91600
	Supplies Expense		1252
	Profit from operations		304423
			1213705			1213705
	Advertising Expense		1000	Profit from operations		304423
	Office Salaries Expense		128500
	Utilities Expense		8594
	Professional Fess Expense		3000
	Depreciation Expense		12000
	Interest Expense		6840
	Net Profit		144489
			304423			304423
Note on utilities, insurance, professional fees - I did not indicate where these expenses belonged so you may have put some in selling expense also.
Note on depreciation - I did note indicate where this went so some of it could have gone to selling expense or even to cost of goods sold
You would have needed more information to determine that
Note on interest - you could have combined as I did or shown them as separate items.
Baltimore Glass Company
Statement of Retained Earnings
For the Year Ended 12/31/2015
	Particulars	Amount
	Retained Earnings Jan 1	211144
	Add: Net income	144489
	Total Retained Earnings	355633
You could have skipped the line for dividends and had just three lines on the statement since it was zero.
Baltimore Glass Company
Balance Sheet
As of December 31, 2015
	Equity and Liabilities	Amount	Assets	Adjustments	Amounts
Equity	Capital Stock	220000		175285
	Retained Earnings	355633	Less Accumulated depreciation	(36260)
			Equipment		139,025
Liabilities	Accounts Payable	72555	Merchandise Inventory		219,100
	Wages Payable	7000	Supplies on Hand		2,000
			Accounts Receivable		195,613
			Cash		85,450
			Prepaid Insurance		6,500
			Prepaid Rent		7,500
		655188			655,188