Required: 1) Prepare Closing Entries.

2) Prepare Post Closing Trial Balance

The following are the transactions of Kookie Company for the year ended December 31, 2019: Dec 1 Owner invested cash of 530,000 and land of 1.200.000 and equipment amounting to 200.000 Dec 3 Pald for advertising expense worth 45.000 Dec 6 Purchased office supplies by cash, 20.000 Dec 8 Purchased machineries costing 100,000. Pald 50% and promised to pay the balance after 20 days Dec 11 Purchased some machinery worth 115,000 on account Dec 15 Rendered services to clients worth 200,000 on account Dec 18 Make 50% payment on the balance owed on Dec 8 Dec 19 Rendered 510,000 worth of services and collected cash Dec 20 Rendered 85.000 worth of services on account Dec 21 Borrowed a loan amounting to 5.000.000 with 12% interest annually Dec 26 Withdraw cash for personal use 20.000 Dec 31 Paid for the salaries of staff 170,000 Dec 31 Rendered services and collected cash 105,000 Assuming the following additional information: Doubtful accounts are estimated to be 3% of the total accounts receivable All furniture, equipment and machinery have a useful life of 10 years with no salvage value Interest on the loan should be accrued Only 2.500 worth of supplies is left at the end of the accounting period