Mastery Problem: The Accounting Cycle. Chandler, Inc. Chandler, Inc. is owned by Roscoe Chandler and provides appraisal services to individuals and companies wishing to purchase and sell fine art. Chandler, Inc. began business on January 1, 2017, and is just completing its first year of business. Roscoe asks for your help in completing the accounting cyde for the company by assisting with the closing process Adjusted Trial Balance Before the closing entries are journalized, you begin with an adjusted trial balance. The closing entries are essentially the link from the adjusted trial balance to the post-closing trial balance. Chandler, Inc. Adjusted Trial Balance December 31, 2017 Account Title Debit Balances Credit Balances Cash 54,000 Accounts Receivable 29,000 Prepaid Insurance 16,000 Office Equipment 60,000 Accumulated Depreciation Office Equipment 40,000 Accounts Payable 6,000 Salaries Payable 8,000 Income Taxes Payable 4,000 Common Stock Retained Earnings 18,000 Dividends 5,000