POST COMPANY
ADJUSTED TRIAL BALANCE
	Debit	Credit
Cash	80,000
Accounts Receivable	11,100
Prepaid Insurance	1,500
Equipment	10,000
Accumulated Depreciation		4,000
Supplies	500
Accounts Payable		2,900
Wages Payable		300
Unearned Revenue		1,500
Contributed Capital		80,000
Retained Earnings		0
Sales		17,000
Gas Expense	400
Supply Expense	400
Insurance Expense	200
Depreciation Expense	200
Wage Expense	400
Dividends	1,000
	99,700	99,700

Explain the closing entry process and prepare the closing entries in journal form based on the information in question 3.