P4-11B Accounts from the adjusted trial balance at December 13, 2018 are listed in alphabetical order below for Grant Advertising Agency Limited:

Accounts payable $4,800 income tax payable $4,000

Accounts receivable 19,750 insurance expense 1,600

Accumulated depreciation equipment 39,600 interest expense 700

Bank loan payable 10,000 interest payable 700

Cash 11,000 prepaid insurance 800

Common shares 20,000 rent expense 7,200

Depreciation expense 13,200 retained earnings 10,400

Dividends declared 2,000 salaries expense 13,625

Equipment 66,000 salaries payable 1,625

Fees earned 60,600 supplies 1,263

Held for trading investments 10,850 supplies expense 5,935

Income tax expense 4,000 unearned revenue 6,200

Instructions

(a) Prepare an adjusted trial balance.

(b) Prepare the closing journal entries.

(c) Prepare a post closing trial balance at December 31