Preparing Closing Entries

The following adjusted trial balance is for Wilson Company at December 31, 2015.

DebitCredit

Cash.......................................................$ 8,500

Accounts receivable...........................................8,000

Prepaid insurance.............................................3,600

Equipment ..................................................72,000

Accumulated depreciation......................................CREDIT:$ 12,000

Accounts payable............................................CREDIT:.600

Common stock...............................................CREDIT:25,000

Retained earnings ............................................CREDIT:19,100

Service fees earned ...........................................CREDIT:97,200

Miscellaneous income .........................................CREDIT:4,200

Salaries expense .............................................42,800

Rent expense................................................13,400

Insurance expense............................................1,800

Depreciation expense..........................................8,000

Income tax expense...........................................8,800

Income tax payable ........................................... CREDIT8,800

DEBIT TOTAL=$166,900 CREDIT TOTAL=$166,900

REQUIRED

a. Prepare closing entries in journal entry form.

b. After the firms closing entries are posted, what is the post-closing balance for the Retained

Earnings account?

c. Prepare its post-closing trial balance