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Page 1 of 4 2. Prepare the post-closing trial balance at December 31, 2020 (8 points) ABC Autobody Co. Post-Closing Trial Balance December 31, 2020

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Page 1 of 4 2. Prepare the post-closing trial balance at December 31, 2020 (8 points) ABC Autobody Co. Post-Closing Trial Balance December 31, 2020 Debit Credit 100 P ABC Autobody Co. adjusted trial balance on December 31, 2020, appears in the work sheet as follows: No Account Debit Credit 101 Cash $ 27,000 124 Shop supplies 1,800 128 Prepaid insurance 4,200 167 Equipment 88,000 168 Accumulated depreciation, equipment $ 7,500 201 Accounts payable 18,000 210 Wages payable 9,860 301 Mike Yang, capital 139,000 302 Mike Yang, withdrawals 36,000 401 Repair revenue 158,630 612 Depreciation expense, equipment 8,500 623 Wages expense 104,500 637 Insurance expense 1,900 640 Rent expense 52,350 650 Office supplies expense 5,800 690 Utilities expense 2.940 Totals $ 332,990 $332 990 Required: 1. Prepare closing entries (13 points) General Joumal Debit Credit TOU ENG US Chaktor more details Enable Editing A list of the adjusted trial balance accounts for North Country Rentals after its first year of operations ending March 31.2020, is shown below (20 points) Adjusted Account Account Balance Accounts payable 8 100 Accumulated depreciation, building 25,000 Accumulated depreciation, furniture 3,500 Advertising expense 16,200 Building 590,000 Cash 18,000 Depreciation expense, building 25,000 Depreciation expense, furniture 3,500 Furniture 43,800 Interest expense 10,260 Interest payable 1000 Janitorial expense 41.000 Land 110,000 Long-term notes payable 363,000 Notes receivable, due 2023 143.000 Office salanes expense 126,625 Office supplies 700 Office supplies expense 6.100 Brand name intangible asset) 3.000 Prepaid advertising 400 Rent revenue 398,400 Rent receivable 16.000 Salanes payable 2625 Utilities expense 36,720 Wyatt North capital 415,780 28.000 yatt North withdrawals accounts have a normal balance red Classified balance sheet Assume that $215.000 of the Long-Term Notes Payable during the year ENG 40 A list of the adjusted trial balance accounts for North Country Rentals after its first year of operations ending March 31, 2020, is shown below (20 points) Adjusted Account Account Balance Accounts payable $ 8,100 Accumulated depreciation, building 25,000 Accumulated depreciation furniture 3,500 Advertising expense 16,200 Building 590,000 Cash 18,000 Depreciation expense, building 25,000 Depreciation expense, furniture 3,500 Furniture 43,800 Interest expense 10,260 Interest payable 1000 Janitorial expense 41.000 Land 110,000 Long-term notes payable 363,000 Notes receivable, due 2023 143.000 Office salaries expense 126,625 Office supplies 700 Office supplies expense 6.100 Brand name intangible asset) 3,000 Prepaid advertising 400 Rent revenue 398,400 Rent receivable 16 000 Salanes payable 2.625 Utilities expense 36.720 Wett North capital 415.780 Viyett North withdrawals 28.000 Asume all accounts have a normal balance Required: fepare a classified balance sheet Assume that 5215,000 of the Long-Term Notes Payable during the year March 31 2021. Also $55 000 of the notes receivable will be collected by March 31, 2021 North Country Rentals Balance sheet March 31, 2020 Assets Current Assets: Total Current assets Long term Investments: Property, Plant Equipment Total Property, Plant, Equipment Intangible Assets: Total Assets Liabilities Current Liabilities: Total Property, Plant, Equipment Intangible Assets: Total Assets Liabilities Current Liabilities: Total Current Liabilities Long Term Liabilities: Total Liabilities Equity Total Liabilities and Equity

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