om courses/54828/assignments/697188?module item_id=3117066 Chong, Inc. provides advice to art enthusiast interested in purchasing art at Sotheby's annual art auctions. On December 31, 2012, Chong's account balances are shown below in the Adjusted Trial Balance. No dividends were declared in 2012. Chong, Inc. Adjusted Trial Balance December 31, 2012 Cash Accounts receivable Supplies Accounts payable Common stock Retained earnings Service revenue Advertising expense Insurance expense Rent expense Salary expense 242,000 248,035 1,230 1,520 100,000 167,000 368,580 2,160 875 5,800 137,000 637,100 637,100 a) Prepare closing entries. Date Description Debit Credit service revenue 368580 income summary 368580 income summary 145835 salaries expense 137000 rent expense 5800 advertising expense 2160 insurance expense > 875 income summary 222745 owners capital 222745 b) Prepare a post-closing Trial Balance Chong, Inc. Post-closing Trial Balance December 31, 2012 Accounts Debits Credits Cash 242000 X X Total X X Submit All Parts