IN PHOTOS: On the basis of the data given below, prepare the following:

a) Closing entries

b) Post-Closing Trial Balance

Eliz Beth, the owner of Clean Haberdashery presented the following adjusted trial balance for the 1st year of operation ended, Dec. 31, 2003 EXCEPT FOR THE CASH BALANCE WHICH YOU MUST DETERMINE, TOO.

Cash - ?

Accounts Receivable - 8,000

Office Supplies - 2,000

Prepaid Insurance - 3,000

Land - 100,000

Building - 150,000

Accumulated Depreciation - Building - 20,000

Office Equipment - 37,500

Accumulated Depreciation - Office Equipment - 7,000

Store Equipment - 40,000

Accumulated Depreciation - Store Equipment - 8,000

Accounts Payable - 13,500

Salaries Payable - 2,500

Utilities Payable - 1,500

E. Beth, Capital - 350,000

E. Beth, Withdrawal - 8,000

Sales - 170,000

Sales Returns and Allowances - 1,500

Sales Discounts - 500

Purchases - 190,000

Purchase Returns and Allowances - 1,000

Purchase Discounts - 500

Salaries Expense - 15,000

Freight In - 1,500

Utilities Expense - 1,500

Taxes and Licenses Expense - 3,000

Interest Expense - 1,000

Merchandise Inventory, December 31 - 88,500

Income Summary - 88,500

Everything is in Philippine Peso.

TOBLEM 3 On the basis of the data given below, prepare the following: a) Closing entries b) Post-Closing Trial Balance Eliz Beth, the owner of Clean Haberdashery presented the following adjusted trial balance for the 1st year of operation ended Dec. 31, 2003 except for the cash balance which you can determine. \begin{tabular}{lr} Sales discounts & \\ Purchases & 500 \\ Purchase returns and allowances & 1,000 \\ Purchase discounts & 500 \\ -Salaries expense & 15,000 \\ Freight-in & 1,500 \\ - Utilities expense & 1,500 \\ - Taxes and licenses expense & 3,000 \\ - Interest expense & 1,000 \\ Merchandise inventory, Dec. 31 & 88,500 \\ Income summary & 88,500 \end{tabular}