Close all temporary income statement accounts and create closing entries.

Prepare the post-closing trial balance for the next accounting period.

Work Sheet Trial balance ACCOUNT TITLE $19,330 Accounts Receivable 9,750 $9,750 2.000 2.000 Prepaid Rent Prepaid Insurance 550 550 16000 15500 S500 Banking Supplies 750 650 $100 Misc Supplies Inventory 147 SI471 Equipment 000 $8,000 Accumulated Depreciation Equipment Account payable S3 S00 S3.500 Interest payable 75 wages payable 696 S696 Note payable 10000 $0 $10,000 Common Stock 18 000 so S15.000 Dividend 5000 Bakery Sales 36 500 so S36,500 525 so S525 Marchandise Sales Cost Goodssold 323 $323 so Permits &Licensing exp 325 s 25 Rent Expese 4.000 SA,000 Wages Expenses Utilities Expense SA20 $2501 so Advertising Expenses 250 500 S500 Depreciation Expenses Interest Expenes 75 15500 $15,500 Banking Supplies Exp Misc supplies exp 650 $650 50 550 $600 Insurance Exp 69,546 S69,546 275 17,275l $70,121. S70,121 Adjusting Journal entires POST. DEBIT CREDIT DESCRIPTION Dec. 31 Depreciation Exp (10000/5)/12 3 500 Accumulated Depreciation 75 Dec. 31 Interest Exp (10,000 3%)/4 1 Interest exp payable 2040 Dec. 31 Depreciation Exp Accumulated Depreciation Dec Insurance Exp 550 Pre nsuranc 550 Dec.31 Banking Supplies Exp Banking Supplies 15500 Dec 1 Misc supplies Exp 650 Misc supplies 650