Required Information Problem 3-6A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [The following information applies to the questions displayed below.] The year-end financial statements of Rattlers Tax Services are provided below. Service revenue Expenses: Salaries Utilities Insurance Supplies Net income RATTLERS TAX SERVICES Income Statement $68,500 $44,200 6,400 4,000 1,200 55,800 $12,700 RATTLERS TAX SERVICES Statement of Stockholders' Equity Common Retained Total Stockholders' Stock Earnings Equity Beginning balance, Jan. 1 $42,000 $22,700 64,700 Issue stock 12,000 12,000 Net income 12,700 12,700 Dividends (4,200) (4,200) Ending balance, Dec. 31 $54,000 $31,200 $85,200 RATTLERS TAX SERVICES Balance Sheet Assets Liabilities Cash $ 2,900 Accounts payable Accounts receivable Land 5,400 82,000 Common stock Stockholders' Equity: Retained earnings Total assets $90,300 $ 5,100 $54,000 31,200 85,200 Total liabilities and equities $90,300 Problem 3-6A Part 2 2. Prepare a post-closing trial balance. (Hint. The balance of Retained Earnings will be the amount shown in the balance sheet.) RATTLERS TAX SERVICES Post-Closing Trial Balance Accounts Debit Credit