9. Prepare a balance sheet using the report 10. Journalize and post the adjusting entries. 11. Journalize and post the closing entries. 12. Prepare a postclosing trial balance. Analyze: Compare the January 31 balance shee shown in Figure 6.4. a. What changes occurred in total ass b. What changes occurred in the Cash and Accounts tary 31 balance sheet you prepared with the December 31 balance sheet ges occurred in total assets lisbilities, and the owner's ending capital? there been an improvement in the firm's financial position? Why or why not? e Cash and Accounts Receivable accounts? DATE Jan. 2 TRANSACTIONS Purchased supplies for $7,000; issued Check 1015. Purchased a one-year Insurance policy for $8,400, issued Check 1016. Sold services for $20,000 in cash and $5.000 on credit during the first week of January. Collected a total of $4.000 on account from credit customers during the first week of 7 12 January 12 Issued Check 1017 for $3.600 to pay for special promotional advertising to new busi- nesses on the local radio station during the month. 13 Collected a total of $4,500 on account from credit customers during the second week of January 14 Returned supplies that were damaged for a cash refund of $750. 15 Sold services for $20,700 in cash and $2,300 on credit during the second week of January. 20 Purchased supplies for $5,000 from White's, Inc., received Invoice 2384 payable in 30 days. 20 Sold services for $12,500 in cash and $3,500 on credit during the third week of January. 20 Collected a total of $5,600 on account from credit customers during the third week of January Issued Check 1018 for $7,065 to pay for maintenance work on the office equipment Iswed Check 1019 for $3,600 to pay for special promotional advertising to new busi- nesses in the local newspaper. 23 Received the monthly telephone bill for $1,025 and paid it with Check 1020 Collected a total of $1,600 on account from credit customers during the fourth week of January lued Check 1021 for $3,000 to Ottice Puss payment on account for Invoice 2222 Issued 28 Sent Check 1022 for $2.675 in payment of the monthly bill for utilities de services for $19.000 in cash and S e art during the fourth week of Januar 31 Issued Checks 1023-1027 for $32,800 to pay the monthly ees and three part-time workers. 31 Issued Check 1028 for $12,000 for personal use. Issued Check 1029 for $4,150 to pay for maintenance Purchased additional equipment for $15,000 from Issued Check 1030 for $10,000 and bought the rest on year life and no salvage value. 31 Sold services for $7,600 in cash and $1.620 on Credit 27 800 to pay this monthly salaries of the regular employ- pay for maintenance services for the month. Joment for $15.000 from contemporary Equipment Company ough the rest on credit. The equipment has a five- 20 on credit on January 31. Entries and the Postclosing Trial Balance Eli's Consulting Services Postclosing Trial Balance December 31, 2019 CREDIT ACCOUNT NAME Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Equipment Accounts Payable Trayton Ell, Capital Totals DEBIT 111 35 000 500 000 100 000 400 000 110 00 00 18300 350 000 128 6 6 7 00 132 35 000 132 35 000