Justify your answer why the given example for the closing entry with a balancing amount of 1,175,000 is a Trial Balance. Explain Please.

nt ") se CTG. ENTRIES ASSETS RRENT ASSETS: ounts Receivable P10.000 h Supplies P3,500 paid Insurance paid Rent P30,000 P25,000 TAL CURRENT A. P545,850 ED ASSETS: niture & Fixtures P40,000 ice Building P500,000 ice Equipment P30,000 TAL FIXED A. P570,000 TAL ASSETS: 1.115,850 LIABILITIES ORT- TERM L. ounts Payable P20,000 TAL SHORT-T. L. P20,000 NG-TERM L. tgage Payable P250,000 TAL LONG-T. L. P250,000 TALLIABILITIES P270,000 WNER's EQUITY ner's Capital P880,000 ner's Drawing (P51,000) TAL OE (Capital) Salaries & Wages P4,250 Exp. Taxes & Licenses Exp. P3,900 TOTAL EXPENSES P8,150 TRIAL BALANCE 1,175,000 1,175,000 (P51,000) P880,000 VENUE/INCOME vice Income P25,000 TAL REV/INC. P25,000 EXPENSES 16| Page CLOSING ENTRIES Dr ng =9 Cr