Exercise 3: The calendar year-end adjusted trial balance for Acosta Co. follows: ACOSTA CO. Adjusted Trial Balance December 31 Cash Accounts receivable $ 100,000 7,000 Prepaid rent 15,000 Prepaid Insurance 9,000 Office supplies 3,300 Office equipment 8,000 Accumulated depreciation-Equipment $ 3,200 Building 350,000 Accumulated depreciation-Building 42,000 Land 700,000 Accounts payable 5,800 Salaries payable 14,500 Interest payable 2,500 Long-term note payable 52,000 Margarita Acosta, Capital 1,010,000 Margarita Acosta, Withdrawals 200,500 Service fees earned 370,800 Salaries expense 90,000 Insurance expense 5,200 Rent expense 5,000 Depreciation expense-Equipment 800 Depreciation expense-Building Totals 7,000 $1,500,800 $1,500,800 Required: 1. Prepare closing entries. Date 1 2 3 4 Account Title Ref. Debit Credit 2. Complete T-Account. Income summary Margarita Acosta, Capital 3. Prepare post-closing trial balance as of December 31. ACOSTA CO. Post-Closing Trial Balance December 31