Following is the adjusted trial balance of Post Company. Based on this

information prepare a Balance Sheet, Income Statement and Statement of

Retained Earnings.

POST COMPANY

ADJUSTED TRIAL BALANCE

Debit Credit

Cash 80,000

Accounts Receivable 11,100

Prepaid Insurance 1,500

Equipment 4,000

Accumulated Depreciation 200

Supplies 500

Accounts Payable 700

Wages Payable 300

Unearned Revenue 1,500

Contributed Capital 80,000

Retained Earnings 0

Sales 17,000

Gas Expense 400

Supply Expense 300

Insurance Expense 200

Depreciation Expense 200

Wage Expense 500

Dividends 1,000

99,700 99,700

Explain the closing entry process and prepare the closing entries in journal form based on the information above.