Problem $3-6$B $($Algo$)$ Record closing entries and prepare a post$-$closing trial balance $($LO$3-6,3-7)$

The year$-$end financial statements of Monarch Financial Services are provided below.

Required:

Record year$-$end closing entries.

Prepare a post$-$closing trial balance. $($Hint: The balance of retained earnings will be the amount shown in the balance sheet.$)$