During its first month of operation, the Rawls Repair Company, which specializes in bicycle repairs, completed the following transactions: Feb. 1 Owner, John Rawls, began business by investing $10,000 in exchange for common stock. Feb. 1 Paid the premium on a one-year insurance policy, $1,200. Feb. 1 Paid the current month's rent, $1,040. Feb. 3 Purchased repair equipment from Conklin Company, $4,400 by signing a 2-year note. Feb. 8 Purchased repair supplies from McKenna Company on credit, $420. Feb. 19 Made partial-payment to McKenna Company, $200. Feb. 20 Paid wages to part-time assistant, $800. Feb. 29 Cash bicycle repair revenue for February, $3,200. Feb. 29 Owner, John Rawls was paid a dividend of $600. Feb. 29 Received a bill for February utilities, $185, to be paid in March.

Requirement #1:

Post the closing entries to the T-accounts and compute ending balances. (Just add to the adjusted balances already listed in the T-accounts.)

Requirement #2:

Prepare a post-closing trial balance as of February 2