Begin by preparing the financial statements using the adjusted trial balance report. Then, journalize the 2 closing entries. Post each line from the journal to the appropriate accounts in the ledger. Remember to enter posting references in the journal and the ledger. Don't forget to include "Closing" in the "item" field of the ledger. You should update your balance for each account every time an entry is posted to that account. When posting is complete, prepare the post closing trial balance report using the last balance in each ledger account. Only list accounts with a balance. Don't forget to total each column to verify that the debits equal the credits. (Hint: you will not include any of the revenue, expense, or drawing accounts because the balances should be 0.) DESCRIPTION Cash Accounts receivable Supplies Prepaid rent Prepaid insurance Office Equipment On Point Accounting Services Adjusted Trial Balance December 31, 2021 Accumulated Depreciation Accounts payable Salaries payable Unearned Fees Allen Richards, Capital Allen Richards, Drawing Fees Earned Salary expense Rent expense Supplies expense Depreciation Expense Insurance expense Utilities expense Misc. expense DEBIT 40,475 14,350 450 1,500 1,520 5,860 6,000 2,510 1,500 3,060 70 300 715 650 78,960 CREDIT 70 1,460 110 4,600 21,300 51,420 78,960 2 3 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 DATE JOURNAL DESCRIPTION POST. REF. DEBIT PAGE CREDIT 8 10 11 12 13 14 15 16 17 18 19 20 21 22 Income Statement ACCOUNT CASH DATE DEC 1 1 2 3 5 10 14 15 DEC 16 18 24 28 29 30 DEC 31 31 31 ACCOUNT ACCOUNTS RECEIVABLE DATE 1 5 15 21 30 31 ACCOUNT SUPPLIES DATE ITEM 1 18 31 Adjusting ITEM ITEM POST. REF. 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 POST. REF. 1 1 1 2 2 2 POST. REF. 1 2 3 GENERAL LEDGER DEBIT 10,000 3,700 8,000 14,000 6,620 13,400 2,150 DEBIT 6,200 16,250 4,500 4,500 DEBIT 2,000 1,510 CREDIT 3,000 1,820 650 1,300 1,200 1,510 405 1,200 310 6,000 CREDIT 3,700 13,400 CREDIT 3,060 ACCOUNT NO. 11 DEBIT 10,000 7,000 BALANCE 5,180 4,530 8,230 16,230 14,930 13,730 27,730 26,220 32,840 32,435 31,235 44,635 44,325 38,325 40,475 DEBIT ACCOUNT NO. 12 BALANCE 6,200 2,500 18,750 23,250 9,850 14,350 DEBIT ACCOUNT NO. 13 BALANCE CREDIT 2,000 3,510 450 Page 1 of 4 CREDIT CREDIT ACCOUNT KARI DAVIS, CAPITAL DATE DEC 1 ACCOUNT KARI DAVIS, DRAWING DATE DEC 28 DATE ACCOUNT FEES EARNED DEC 15 16 21 24 31 31 31 Adjusting DATE ITEM DEC 15 29 31 Adjusting ACCOUNT SALARY EXPENSE ITEM DATE DEC 31 Adjusting ITEM ACCOUNT RENT EXPENSE ITEM ITEM POST. REF. 1 POST. REF. 2 POST. REF. 1 2 2 2 2 2 3 POST. REF. 1 2 3 POST. REF. 3 DEBIT DEBIT 6,000 DEBIT DEBIT 1,200 1,200 110 DEBIT 1,500 CREDIT 21,300 CREDIT CREDIT 16,250 14,000 4,500 6,620 2,150 4,500 3,400 CREDIT CREDIT ACCOUNT NO. 31 DEBIT DEBIT ACCOUNT NO. 32 BALANCE 6,00 DEBIT BALANCE DEBIT ACCOUNT NO. 41 BALANCE DEBIT BALANCE 1,200 2,400 2,510 CREDIT ACCOUNT NO. 51 BALANCE 21,300 1,500 Page 3 of 4 CREDIT CREDIT 16,250 30,250 34,750 41,370 ACCOUNT NO. 52 43,520 48,020 51,420 CREDIT CREDIT ACCOUNT SUPPLIES EXPENSE DATE DEC 31 Adjusting ACCOUNT DEPRECIATION EXPENSE DATE DEC 31 Adjusting DATE ACCOUNT INSURANCE EXPENSE DEC 31 Adjusting DATE ITEM DEC 28 31 ACCOUNT UTILITIES EXPENSE ITEM DATE DEC 3 ITEM ACCOUNT MISCELLANEOUS EXPENSE ITEM ITEM POST. REF. 3 POST. REF. 3 POST. REF. 3 POST. REF. 2 2 POST. REF. 1 DEBIT 3,060 DEBIT DEBIT DEBIT 70 300 405 310 DEBIT 650 CREDIT CREDIT CREDIT CREDIT CREDIT ACCOUNT NO. 53 DEBIT 3,060 DEBIT ACCOUNT NO. 54 BALANCE DEBIT DEBIT BALANCE 70 ACCOUNT NO. 55 DEBIT BALANCE 300 ACCOUNT NO. 57 BALANCE 405 715 CREDIT BALANCE CREDIT 650 Page 4 of 4 ACCOUNT NO. 59 CREDIT CREDIT CREDIT ACCOUNT PREPAID RENT DATE DEC 1 31 Adjusting ACCOUNT PREPAID INSURANCE DATE DEC 2 31 Adjusting DATE ACCOUNT OFFICE EQUIPMENT DEC 1 6 DATE DATE DEC 6 14 ITEM ACCOUNT ACCUMULATED DEPRECIATION DEC 31 Adjusting ACCOUNT ACCOUNTS PAYABLE DATE ITEM DATE ITEM DEC 10 ACCOUNT SALARIES PAYABLE 31 Adjusting ITEM ITEM DEC 31 Adjusting ACCOUNT UNEARNED FEES ITEM POST. REF. 1 3 ITEM POST. REF. 1 3 POST. REF. 1 1 POST. REF. 3 POST. REF. 1 1 POST. REF. 3 POST. REF. 1 3 DEBIT 3,000 DEBIT 1,820 DEBIT 3,100 2,760 DEBIT DEBIT 1,300 DEBIT DEBIT 3,400 CREDIT 1,500 CREDIT CREDIT CREDIT 300 CREDIT 2,760 CREDIT 70 110 CREDIT 8,000 ACCOUNT NO. 14 DEBIT 3,000 1,500 DEBIT ACCOUNT NO. 15 1,820 1,520 DEBIT BALANCE ACCOUNT NO. 18 DEBIT BALANCE 3,100 5,860 DEBIT BALANCE DEBIT ACCOUNT NO. 19 DEBIT BALANCE CREDIT ACCOUNT NO. 21 BALANCE CREDIT BALANCE CREDIT ACCOUNT NO. 22 BALANCE Page 2 of 4 CREDIT CREDIT ACCOUNT NO. 23 CREDIT 2,760 1,460 70 110 CREDIT 8,000 4,600