Prepare the closing entries .

Prepare a post-closing trial balance.

Date 1-Jul 3-Jul 5-Jul 7-Jul 10-Jul General Journal Description(Account Name) Debit Credit Cash 60,000 Common Stock 60,000 Rent Expenses 3,500 Cash 3,500 Prepaid Insurance 4,200 Cash 4,200 Supplies 1,000 Accounts Payable 1,000 Salaries Expenses 3,500 3,500 Equipment 10,000 Cash 2,500 Accounts Payable 7,500 Cash 8,000 Services 8,000 Accounts Payable Cash 500 Cash 9,000 Services 9,000 Dividends 600 Cash 600 Cash 14-Jul 15-Jul 19-Jul 500 31-Jull 31-Jul Quick Tax Corporation Adjusted Trial Balance July 31 62200 3850 400 10000 125 8000 3000 60000 Cash Prepaid Insurance Supplies Equipment Accumulated Depreciation-Equip Accounts Payable Income Tax Payable Common Stock Cash Dividends Revenue Rent Expense Salary Expense Supplies Expense Depreciation Expense Insurance Expense Income Tax Expense 600 17000 35001 3500 600 125 350 3000 88125 88125 Income Statement For the Month Ending July 31 Statement of Retained Earnings For the Month Ending July 31 Balance Sheet July 31 Revenues: Revenue $ 17,000 Retained Earnings, July 1 Add: Net Income Subtotal Less: Dividends Retained Earnings, July 31 E 5.925 5,925 600 $5,325 Assets: Cash Supplies Prepaid Insurance Equipment Less: Accum. Depr. Total Assets $62,200 3,850 400 10,000 125 9,875 76,325 Expenses: Rent Expense Salaries Expense Insurance Expense Supplies Expense Depreciation Expense Income Tax Expense Total Expenses 3,500 3,500 600 125 350 3,000 8,000 3,000 11,075 11,000 Net Income $ 5,925 Liabilities: Accounts Payable Income Tax Payable Total Liabilities Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 60,000 5,325 65,325 $ 76,325