ABC Autobody Co. adjusted trial balance on December 31, 2020, appears in the work sheet as follows:

No. Account Debit Credit

101 Cash $27,000

124 Shop supplies 1,800

128 Prepaid insurance 4,200

167 Equipment 88,000

168. Accumulated depreciation, equipment $7,500

201 Accounts payable 18,000

210 Wages payable 9,860

301 Mike Yang, capital 139,000

302. Mike Yang, withdrawals 36,000

401 Repair revenue. 158,630

612 Depreciation expense, equipment 8,500

623. Wages expense 104,500

637. Insurance expense 1,900

640. Rent expense 52,350

650. Office supplies expense 5,800

690 Utilities expense 2,940

Totals $ 332,990 $332,990

Required:

1.Prepare closing entries.

2.Prepare the post-closing trial balance at December 31, 2020