Required:
1. Prepare closing entries.
2. Prepare post-closing trial balance.

  

The following is the unadjusted trial balance of ABC Company as the end of its second year of operations. The company operates the largest chain of dormitories in Metro Manila and its main target market is college students. Account Name Cash Rent Reveivable Office Supplies Prepaid Insurance Accumulated Depreciation - Building Accumulated Depreciation - Furniture and Fixture Accumulated Depreciation - Computers Building Furniture and Fixtures Land Computers Accounts Payable Unearned Rent Revenue Interest Payable Salaries and Wages Payable Utilities Payable Notes Payable Owner's Capital Owner's Drawings Administrative Expenses Advertising Expense Salaries and Wages Expense Maintenance and Repairs Expense Utilities Expense Insurance Expense Debit Rent Revenue Gain on Disposal of Equipment 4,826,000.00 54,000.00 10,000.00 60,000.00 30,000,000.00 3,000,000.00 5,000,000.00 300,000.00 200,000.00 40,000.00 80,000.00 800,000.00 350,000.00 550,000.00 60,000.00 Credit 2,000,000.00 200,000.00 20,000.00 2,000,000.00 100,000.00 60,000.00 50,000.00 100,000.00 6,500,000.00 9,000,000.00 25,000,000.00 300,000.00 45,330,000.00 45,330,000.00