8-2 APPLICATION PROBLEM Journalizing and posting closing entries Use the journal and general ledger accounts for Len's Laundry below. A partial work sheet for the month ended April 30 of the current year is shown below. BALANCE SHEET Cash a Accounts Recelvable-Natasha Goodlad - Accounts RecelvableR Henry " Supplies 760700 49800 43100 20000 Prepaid Insurance . Accounts Payable-Tri-County Supplies ' Accounts Payable West End Supply Co. -- tt-t- 38100 55500 6 52700 Leonard Long, Capital Leonard Long, Drawing , 1 000001 10 Income Summary 1 Sales 6 23300 Advertising Expense Insurance Expense 80000 20000 3 1500 45000 149500 4 Miscellaneous Expense s Supplies Ex Utilitles Expense 326000 623300 1046300 7463 00 1 1e Net Income 297300 623300 623300 1046300 1043600 297300 623300 623300 Continue on the same journal page. Journalize and post the closing entries. Page 12 JOURNAL Doc. Post Sales Date Account Title Debit Credit Credit Debit Credit Adjusting Entries Apr 30 Supplies Expense 540 150 520 160 450 00 Supplies 450 00 30 Insurance Expense Prepaid Insurance 200 00 200 00 Note: Type a "0" in both the Debit and Credit Balance columns to indicate Zero Balance. Select: General Ledger