If anyone could help me answer the rest of this question I would greatly appreciate it!!

Thank you in advance!!!

Chandler Company Chandler Company is owned by Roscoe Chandler and provides appraisal services to individuals and companies wishing to purchase and sell fine art. Chandler Company began business on January 1, 2018, and is just completing its first year of business. Roscoe asks for your help in completing the accounting cycle for the company by assisting with the closing process. Chapter 04 Mastery (Mastery) Mastery Problem: Completing the Accounting Cycle Chandler Company Chart of Accounts CHART OF ACCOUNTS Chandler Company General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 42 Rent Revenue 16 Prepaid Insurance 43 Interest Revenue 18 Equipment 19 Accumulated Depreciation-Equipment EXPENSES 51 Salaries Expense LIABILITIES 52 Selling Expense 21 Accounts Payable 53 Income Taxes Expense 22 Salaries Payable 54 Depreciation Expense-Equipment 24 Income Taxes Payable 55 Insurance Expense 59 Miscellaneous Expense EQUITY 31 Roscoe Chandler, Capital 32 Roscoe Chandler, Drawing Adjusted Trial Balance Chandler Company ADJUSTED TRIAL BALANCE December 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 86,000.00 2 Accounts Receivable 29,000.00 3 Prepaid Insurance 16,000.00 60,000.00 4 Equipment 5 Accumulated Depreciation-Equipment 40,000.00 6 Accounts Payable 6,000.00 7 Salaries Payable 8,000.00 8 Income Taxes Payable 4,000.00 9 Roscoe Chandler, Capital 20,000.00 10 Roscoe Chandler, Drawing 5,000.00 11 Fees Earned 185,600.00 12 Rent Revenue 92,000.00 13 Interest Revenue 17,200.00 14 Salaries Expense 71,000.00 15 Selling Expense 25,600.00 16 Income Taxes Expense 15,000.00 17 Depreciation Expense-Equipment 47,200.00 18 Insurance Expense 17,000.00 19 Miscellaneous Expense 1,000.00 20 Totals 372,800.00 372,800.00 The Closing Process Shaded cals have feedback X The final step of the accounting Gyde is the closing process. The main goal of this stage of the cycle is to ensure that the balance of each emocrary account is relurred to car and that net income is transferred to the center's tapaccount. The first step in successfully undertaking the closing process is to understand the difference between a 2010 the . semporary account and a permanent Hoscoe has some questions about the process Answer the in questoru () 1. If a temporary account has an ending balance of $82,000 what is its beginning balance for the following accounting period? I there is no amount or amount is zero anter SO Points 1/1 Feedback Check My Work Review the definition of a temporary account and what happens to it at the end of the accounting period 2. If a permanent account has an ending balance of $62.000, what is its beginning balance for the following accounting period? $62,000 Prints: 1/1 Foodback Check My Work Review the definition of a permanent account and what happens to it at the end of the counting period 3. Roscoe will be preparing his yearly Financial statemente alle completing Chandler Company's deing process and is somewhat confused about the characteristics of the counts on his Chart of Accounts. He has started by creating the following ther, and asks for your help in completing it. For each account or type el accounts, choose all descrisons that apply Closed to Owner's Capital Account Temporary Account Permanent Account Yes No Revenues Asselbo FX ASR Liability cours 0 0 Owner's drawing Arm Points:10/10 Chandler Company Chart of Accounts Adjusted Trial Balance ! The Closing Process Roscoe's Journal Journal Post-Closing Trial Balanc Roscoe's Journal x Roscoe has attempted to prepare the closing entries for Chandler Company on this panel. He's not sure if he's entered the journal entries correctly, and asks you to review them. You find that one entry is correct, but the other is incorrect. Determine which entry is incorrect, and journalize both closing entries for Chandler Company as of Dec. 31 on the Journal panel. PAGE 25 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries 2 Dec. 31 Roscoe Chandler, Capital 471,600.00 1 3 3 Fees Earned 185,600.00 1 4 Rent Revenue 92,000.00 1 5 Interest Revenue 17,200.00 1 6 6 Salaries Expense 71,000.00 1 7 Selling Expense 25,600.00 1 8 8 Income Taxes Expense 15,000.00 1 9 9 Depreciation Expense-Equipment 47,200.00 1 10 Insurance Expense 17,000.00 1 11 Miscellaneous Expense 1,000.00 1 12 31 Roscoe Chandler, Capital 5,000.00 1 13 Roscoe Chandler, Drawing 5,000.00 1 Chapter 04 Mastery (Mastery) Mastery Problem: Completing the Accounting Cycle Chandler Company Chart of Accounts Adjusted Trial Balance The Closing Process Roscoe's Journal Journal Post-Closing Trial Balance Journal Shaded cells have feedback. . Roscoe has attempted to prepare the closing entries for Chandler Company on the Roscoe's Journal panel. He's not sure if he's entered the journal entries correctly, and asks you to review them. You find that one entry is correct, but the other is incorrect. Refer to the Chart of Accounts for exact wording of account titles. Determine which entry is incorrect, and journalize both closing entries for Chandler Company as of Dec. 31 in the following journal. How does grading work? PAGE 25 JOURNAL Score: 138/147 ACCOUNTING EQUATION DATE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY DESCRIPTION Closing Entries 1 2 Dec. 31 Roscoe Chandler, Capital Fees Earned 185,600.00 + 4 Rent Revenue 92,000.00 1 5 Interest Revenue 17,200.00 + 6 Salaries Expense 71,000.00 1 7 Selling Expense Income Taxes Expense 15,000.00 1 9 Depreciation Expense-Equipment 47,200.00 1 10 Insurance Expense 17,000.00 1 11 Miscellaneous Expense 1,000.00 1 12 5,000.00 1 Dec. 31 Roscoe Chandler, Capital Roscoe Chandler, Drawing 13 5,000.00 1 Points: 24.41 / 26 Feedback Check My Work Review the entries needed to close the accounts at the end of the accounting period, and compare to Roscoe's work to find discrepancies. Post-Closing Trial Balance Shaded cells have feedback. X The post-closing trial balance shows all the permanent accounts with their updated values after the temporary accounts have been reduced to zero balance for the next accounting cycle. Also, the post-closing trial balance is meant to ensure that debits equal credits post-close. Roscoe is very happy with your work on the closing entries for Chandler Company, and asks if you would prepare a post-closing trial balance for the company. How does grading work? Chandler Company Score: 2/39 POST-CLOSING TRIAL BALANCE December 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Prepaid Insurance 4 Equipment 5 Accumulated Depreciation-Equipment 6 Accounts Payable 1 Salaries Payable 71,000.00 & Income Taxes Payable 9 Roscoe Chandler, Capital 10 Totals Points: 0.56 / 11 Feedback Check My Work After preparing corrected closing entries, update the account balances using the correct accounts and amounts