Reno DeFilippis has been operating the DeFilippis Limousine Service for the past year and a

half. DeFilippis Limousine Service's adjusted trial balance as of August 31, 2017 is as follows.

De Filippis Limousine Service

Adjusted trial balance

31^st August 2017

Reg no:173131

Q.No. 2(Data given below in Reno De Filippis problem)

1. Prepare the necessary Journalfor Closing Entries at August 31, 2017.
2. Prepare an After-Closing Trial Balance dated August 31, 2017.

Details	Dr.	Cr.
Cash	$171,000
Account Receivables	9,400
Prepaid studio rent	3,000
Unexpired insurance	7,200
Supplies	5,00
Equipment	18,000
Accumulated dep: equipment		7,200
Notes payable		10,000
Accounts Payables		3,200
Salaries payable		4,000
Income taxes payable		6,000
Unearned studio revenue		8,800
Capital stock		100,000
Retained earnings		40,000
Dividends	6,000
Service Revenue Earned		Your Registration No.
Salaries expense	85,000
Supply expense	3,900
Rent expense	12,000
Insurance expense	1,900
Advertising expense	500
Depreciation expense: equipment	1,800
Interest expense	900
Income taxes expense	23,000
Total	$344,200	$344,200