PB4-1 Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance [LO 4-3, LO 4-5]

[The following information applies to the questions displayed below.]

Edwards Corporation operates hair salons under various brand names. The following is a simplified list of accounts and amounts (in millions) reported in the companys accounts for the year ended June 30, 2013.

Accounts Payable	$	69
Accounts Receivable		66
Accumulated Amortization		36
Accumulated DepreciationEquipment		66
Amortization Expense		18
Cash		147
Common Stock		310
Depreciation Expense		70
Equipment		600
Income Tax Expense		18
Interest Expense		36
Inventories		198
Note Payable (long-term)		172
Note Payable (short-term)		193
Office Expenses		130
Prepaid Rent		57
Rent Expense		260
Retained Earnings		359
Salaries and Wages Expense		680
Salaries and Wages Payable		174
Service Revenue		1,740
Software		690
Supplies Expense		149

2.

value: 1.66 points

Required information

PB4-1 Part 2

2.	Prepare the closing entry required at June 30, 2013. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)