Adjusted Trial-Balance For December 31, 20xx Cash $70,000 Accounts Receivable 29,000 Prepaid Insurance 16,000 Equipment 60,000 Accumulated $40,000 Depreciation Accounts Payable 6,000 Common Shares 8,000 Income Taxes Payable 4,000 Retained Earnings 20,000 Dividends 5,000 Fees Earned 175,200 Interest Revenue 36,400 Rent Revenue 84,000 Selling Expense 63,200 Depreciation Expense 46,400 Interest Expense 84,000 $373,600 $373,600 Before the closing entries are made, you begin with an adjusted trial balance. The closing entries are essentially the link from the adjusted trial balance to the post-closing trial balance. The post-closing trial balance shows the permanent accounts with their updated values after the temporary accounts have been reduced to zero balance for the next accounting period. Also, the post-closing trial balance is meant to ensure that debits equal credits after closing. Complete the post-closing trial balance. Credit Balances Post-Closing Trial Balance December 31, 20xx Debit Balances Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Common Shares Income Taxes Payable Retained Earnings $175,000 $175,000