Preparation of Closing Entries P1. Affordable Trailer Rental rents small trailers by the day for local moving jobs. This is its adjusted trial balance at the end of the current fiscal year: Affordable Trailer Rental Adjusted Trial Balance June 30, 2011 Cash $ 692 Accounts Receivable 972 Supplies 119 Prepaid Insurance 360 Trailers 12,000 Accumulated Depreciation Trailers Accounts Payable Wages Payable A. Tropp, Capital A. Tropp. Withdrawals 7,200 Trailer Rentals Revenue Wages Expense 23,400 Insurance Expense 720 Supplies Expense 266 Depreciation Expense-Trailers 2.400 Other Expenses 10,782 $58,911 $ 7,200 271 200 5,694 45,546 $58,911 Required 1. From the information given, record closing entries in journal form. 2. If closing entries were not prepared at the end of the accounting period, what problems would result in the next accounting period