Exercise 5.4 Preparing Closing Entries and an After-Closing Trial Balance (L05-2, L05-4, LO5-5) Green Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The following is the company's year-end adjusted trial balance dated December 31, current year. Ants eBook Print References $ GREEN LAWNS, INC. Adjusted Trial Balance December 31, current year Cash $ 218,640 Accounts receivable 10,800 Supplies 720 Equipment 28,800 Accumulated depreciation: equipment Accounts payable Income taxes payable Capital stock Retained earnings Dividends 4,800 Lawn care revenue earned Salary expense 124,800 Supply expense 2,880 Advertising expense 720 Depreciation expense: equipment 2,400 Income taxes expense 27,840 $ 422,400 12,000 3,600 8,400 60,000 108,000 230,400 $ 422,400 a. Prepare all necessary closing entries at December 31, current year. b. Prepare an after closing trial balance dated December 31, current year. Required A Required B Prepare all necessary closing entries at December 31, current year. (If no entry is required for a transaction/event, select "No jou entry required" in the first account field.) points View transaction list eBook Journal entry worksheet Print References