I need help with recording the closing journey entry post the closing journal entry to the T Accounts Prepare the post closing Trial Balance as January 31,2020

COASTAL DISTORTION, INC. INCOME STATEMENT FOR THE MONTH ENDED JANUARY 31, 2020 $ 37,000 15,930 21,070 $ $ SALES REVENUE COST OF GOODS SOLD GROSS PROFIT SELLING, GENERAL & ADMINISTRATIVE EXPENSES: DEPRECIATION EXPENSE INSURANCE EXPENSE OFFICE EXPENSE RENT EXPENSE SALARIES & WAGES EXPENSE UTILITIES EXPENSE TOTAL SELLING, GENERAL & ADMINISTRATIVE EXPENSES INCOME FROM OPERATIONS LESS: INCOME TAX EXPENSE 150 100 2,900 2,000 6,500 400 12,050 9,020 (1,900) 7,120 $ NET INCOME COASTAL DISTORTION, INC. STATEMENT OF RETAINED EARNINGS FOR THE MONTH ENDED JANUARY 31, 2020 $ 120,340 7,120 RETAINED EARNINGS, JANUARY 1, 2020 NET INCOME DIVIDENDS RETAINED EARNINGS, JANUARY 31, 2020 $ 127,460 COASTAL DISTORTION, INC. BALANCE SHEET AS OF JANUARY 31, 2020 $ ASSETS CURRENT ASSETS CASH ACCOUNTS RECEIVABLE RAW MATERIALS INVENTORY WORK IN PROCESS INVENTORY FINISHED GOODS INVENTORY PREPAID RENT PREPAID INSURANCE TOTAL CURRENT ASSETS MANUFACTURING EQUIPMENT OFFICE EQUIPMENT LESS: ACCUMULATED DEPRECIATION TOTAL ASSETS $ LIABILITIES AND STOCKHOLDER'S EQUITY LIABILITIES CURRENT LIABILITIES ACCOUNTS PAYABLE SALARIES AND WAGES PAYABLE INCOME TAXES PAYABLE TOTAL CURRENT LIABILITIES TOTAL LIABILITIES 65,500 37,000 14,200 6,760 17,900 4,500 3,000 148,860 19,050 23,700 12,400 55,150 55,150 $ 60,500 7,300 (24,050) $ 43,750 192,610 STOCKHOLDER'S EQUITY COMMON STOCK RETAINED EARNINGS TOTAL STOCKHOLDER'S EQUITY TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ $ $ 10,000 127,460 137,460 192,610 Coastal Distortion, Inc. manufactures custom company was established January 1, 2017 tom equipment. Each piece of equipment is assigned a job number. The 2017. The Decembar 2019 Pal ine Trial Balance shows the following: CR 85.000 47.500 5,000 6,340 CASH ACCOUNTS RECEIVABLE RAW MATERIALS INVENTORY WORK IN PROCESS INVENTORY FINISHED GOODS INVENTORY PREPAID RENT PREPAID INSURANCE MANUFACTURING EQUIPMENT OFFICE EQUIPMENT ACCUMULATED DEPRECIATION ACCOUNTS PAYABLE SALARIES AND WAGES PAYABLE INCOME TAXES PAYABLE COMMON STOCK 9,000 3.600 60,500 7.300 23,400 40.000 20.000 10.500 10,000 120,340 RETAINED EARNINGS SALES REVENUE COST OF GOODS SOLD DEPRECIATION EXPENSE INCOME TAX EXPENSE INSURANCE EXPENSE OFFICE EXPENSE RENT EXPENSE SALARIES AND WAGES EXPENSE UTILITIES EXPENSE MANUFACTURING OVERHEAD $ 224.240 $ 224.240 Additional information: Accounts receivable is from one job, sold December 10, 2019 on account, with terms 2/10. Net 30. FOR Shipping Point Work in Process in Process inventory consists of $2.500 in Direct Materials, $1.760 in Direct Labor and $2 en in Manufacturing Overhead Applied, all for Job 243. penting budget for January 2020 shows $14.000 of budgeted overhead, and 560 hudeered Coastal Distortion's operating budeer for labor hours. They will apply overhead using direct labor hours as the rest Prepaid Rent is for the manufacturing facility only Prepaid Insurance is for the manufacturing facility ($3,000) and the manufacturing facility ($3,000) and the corporate office ($600), and is prepaid for January through June 2020 Assets are depreciated using the straight line with a residual value of $500 and an est ad using the straight line method. The manufacturing equipment was purchased on 10/17 6500 and an estimated useful life of 10 years. The office equipment was purchased on ith a residual value of $100 and an estimated useful life of 5 years COASTAL DISTORTION, INC. INCOME STATEMENT FOR THE MONTH ENDED JANUARY 31, 2020 $ 37,000 15,930 21,070 $ $ SALES REVENUE COST OF GOODS SOLD GROSS PROFIT SELLING, GENERAL & ADMINISTRATIVE EXPENSES: DEPRECIATION EXPENSE INSURANCE EXPENSE OFFICE EXPENSE RENT EXPENSE SALARIES & WAGES EXPENSE UTILITIES EXPENSE TOTAL SELLING, GENERAL & ADMINISTRATIVE EXPENSES INCOME FROM OPERATIONS LESS: INCOME TAX EXPENSE 150 100 2,900 2,000 6,500 400 12,050 9,020 (1,900) 7,120 $ NET INCOME COASTAL DISTORTION, INC. STATEMENT OF RETAINED EARNINGS FOR THE MONTH ENDED JANUARY 31, 2020 $ 120,340 7,120 RETAINED EARNINGS, JANUARY 1, 2020 NET INCOME DIVIDENDS RETAINED EARNINGS, JANUARY 31, 2020 $ 127,460 COASTAL DISTORTION, INC. BALANCE SHEET AS OF JANUARY 31, 2020 $ ASSETS CURRENT ASSETS CASH ACCOUNTS RECEIVABLE RAW MATERIALS INVENTORY WORK IN PROCESS INVENTORY FINISHED GOODS INVENTORY PREPAID RENT PREPAID INSURANCE TOTAL CURRENT ASSETS MANUFACTURING EQUIPMENT OFFICE EQUIPMENT LESS: ACCUMULATED DEPRECIATION TOTAL ASSETS $ LIABILITIES AND STOCKHOLDER'S EQUITY LIABILITIES CURRENT LIABILITIES ACCOUNTS PAYABLE SALARIES AND WAGES PAYABLE INCOME TAXES PAYABLE TOTAL CURRENT LIABILITIES TOTAL LIABILITIES 65,500 37,000 14,200 6,760 17,900 4,500 3,000 148,860 19,050 23,700 12,400 55,150 55,150 $ 60,500 7,300 (24,050) $ 43,750 192,610 STOCKHOLDER'S EQUITY COMMON STOCK RETAINED EARNINGS TOTAL STOCKHOLDER'S EQUITY TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ $ $ 10,000 127,460 137,460 192,610 Coastal Distortion, Inc. manufactures custom company was established January 1, 2017 tom equipment. Each piece of equipment is assigned a job number. The 2017. The Decembar 2019 Pal ine Trial Balance shows the following: CR 85.000 47.500 5,000 6,340 CASH ACCOUNTS RECEIVABLE RAW MATERIALS INVENTORY WORK IN PROCESS INVENTORY FINISHED GOODS INVENTORY PREPAID RENT PREPAID INSURANCE MANUFACTURING EQUIPMENT OFFICE EQUIPMENT ACCUMULATED DEPRECIATION ACCOUNTS PAYABLE SALARIES AND WAGES PAYABLE INCOME TAXES PAYABLE COMMON STOCK 9,000 3.600 60,500 7.300 23,400 40.000 20.000 10.500 10,000 120,340 RETAINED EARNINGS SALES REVENUE COST OF GOODS SOLD DEPRECIATION EXPENSE INCOME TAX EXPENSE INSURANCE EXPENSE OFFICE EXPENSE RENT EXPENSE SALARIES AND WAGES EXPENSE UTILITIES EXPENSE MANUFACTURING OVERHEAD $ 224.240 $ 224.240 Additional information: Accounts receivable is from one job, sold December 10, 2019 on account, with terms 2/10. Net 30. FOR Shipping Point Work in Process in Process inventory consists of $2.500 in Direct Materials, $1.760 in Direct Labor and $2 en in Manufacturing Overhead Applied, all for Job 243. penting budget for January 2020 shows $14.000 of budgeted overhead, and 560 hudeered Coastal Distortion's operating budeer for labor hours. They will apply overhead using direct labor hours as the rest Prepaid Rent is for the manufacturing facility only Prepaid Insurance is for the manufacturing facility ($3,000) and the manufacturing facility ($3,000) and the corporate office ($600), and is prepaid for January through June 2020 Assets are depreciated using the straight line with a residual value of $500 and an est ad using the straight line method. The manufacturing equipment was purchased on 10/17 6500 and an estimated useful life of 10 years. The office equipment was purchased on ith a residual value of $100 and an estimated useful life of 5 years