CHART OF ACCOUNTS Chandler, Inc. General Ledger ASSETS 11 Cash 12 Accounts Receivable 14 Prepaid Insurance 16 Equipment 17 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 23 Salaries Payable 24 Income Taxes Payable REVENUE 41 Fees Earned 42 Rent Revenue 43 Interest Revenue EXPENSES 52 Salanes Expense 53 Selling Expense 54 income Taxes Expense 57 Depreciation Expense-Equipment 58 insurance Expense 59 Miscellaneous Expense Accumulated Depreciation-Equipment EXPENSES 52 Salaries Expense LIABILITIES 21 Accounts Payable 23 Salaries Payable 24 income Taxes Payable EQUITY 31 Common Stock 32. Retained Earnings 33 Dividends 53 Selling Expense 54 Income Taxes Expense 57 Depreciation Expense-Equipment 58 Insurance Expense 59 Miscellaneous Expense 34 Income Summary Chandler, Inc. ADJUSTED TRIAL BALANCE December 31, 2016 \begin{tabular}{l|l|l|l|} Chandler, Inc. & Chart of Accounts Adjusted Trial Balance ! The Closing Proc \end{tabular} The fonal step of the accounting cycle is the closing process. The main goal of this stago of the cycle is to ensure that the balance of each teniporary account is refirned to zepe and that net. peunignent acculint Roscoe has seme questions about the process Ariswer questions (1), (j) betors 1 if a temporary accesunt has an ending batance of 55T000, what is its bepinring balance for the following accourtiog peiod? Fondback 2. If a germanent account has an ending tiolance of 35,7,000, what is iss begrning balance lor the folowing accounsro period? Determine which entries are incorrect, and enter all four of the closing entries for Chandier Inc as or Dec 31 on the Journal panel. The Closing Process Check My Work Youfind that fwo of the entries are correc, but tho ave inomed: Defermine which enines are vicaifect and enler al four of the blosing entres for Chandtor inc as of Dec at below Chandier, Inc. Chart of Accounts Adjusted Trial Balance IT The Closing Process Roscoe's Journal Joumal Chandler, Inc. Chart of Accounts Adjusted Trial Balance I The Closing Process Roscoe's Journal Joumal The post-closing trial balance shows all the permanent accounts with their updated values affer the tompocky occounts tame been reduced to zeto balance for the next accouring cyche Also, the pottcloting thal balance is meant to ensure that debis equal credits post close Chandler, inc. Chart of Aceounts Adjusted Trial Balance I the olosing Process Roscoe's Joumal Journal Journal Post-Closing Trial Balance NCCOUNT TITL DEET CFE 1 Gash 7. Accounts fleceivabie 3) Prepaid insurance 4. Equipment 3. Accumulated Depreciation-Equipment 6 Accourts Payable 7. Salmies Payable 1 Inconce Taxas Pajable 3. Common Stock 10 Retained Famings 11 Dividends 12 income Summiny 1) Totals