QUESTION -

ADJUSTED TRIAL BALANCE -

You have decided to use December 31, 2021 as your first year-end. Using the December 31, 2021 adjusted trial balance from Part 3, answer the following questions: * Note* Don't forget to update your trial balance so that it matches the solution provided by your instructor. a. Prepare the closing entries for your business. In your own words, why are closing entries important? b. Post the entries to the general ledger accounts and prepare a post-closing trial balance. Jones Smoothies Adjusted Trial Balance December 31, 2020 Credit Debit 3,215 475 115 850 Acc # 110 130 140 160 161 210 230 240 245 260 310 320 410 508 515 527 550 563 570 Cash Accounts receivable Supplies Equipment Accum. depreciation Accounts payable Unearned revenue Wages payable Interest payable Notes payable Owner, Capital Owner, Drawings Sales revenue Advertising expense Depreciation expense Interest & Bank Charges Supplies expense Telephone expense Wages expense Totals 18 102 120 60 7 2,800 1,760 80 475 330 18 7 90 102 60 5,342 5,342