Mastery Problem: The Accounting Cycle. Chandler, Inc. 5-5 S-3 Carson- Landon-t AVA 2-M 1-2 Blake Sh Ryle Chandler, Inc. is owned by Roscoe Chandler and provides appraisal services to individuals and c purchase and sell fine art. Chandler, Inc. began business on January 1, 2017, and is just compl business. Roscoe asks for your help in completing the accounting cycle for the company by assi process. Adjusted Trial Balance Before the closing entries are journalized, you begin with an adjusted trial balance. The closing the link from the adjusted trial balance to the post-closing trial balance. Chandler, Inc. December 31, 2017 Adjusted Trial Balance Account Title Cash Accounts Receivable Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Accounts Payable Salaries Payable Income Taxes Payable Common Stock Debit Balances Credit Balances 60,000 29,000 16,000 60,000 40,000 6,000 8,000 4,000 2,000 Retained Earnings Dividends Fees Earned Rent Revenue Interest Revenue 18,000 5,000 165,600 92,000 17,200 Salaries Expense 71,000 Selling Expense 31,600 Income Taxes Expense 15,000 Insurance Expense 17,000 Depreciation Expense 47,200 1,000 Miscellaneous Expense 352,800 352,800 The Closing Process The final step of the accounting cycle is the closing process. The main goal of this stage of the the balance of each temporary account is returned to zero and that net income is transferred t account. The first step in successfully undertaking the closing process is to understand the diff temporary account and a permanent account. Roscoe has some questions about the process.