Roscoe has attempted to prepare closing entries for Chandler Company on the Roscoe's Journal panel. He's not sure if he's entered the journal entries correctly, and asks you to review them. You find that one entry is correct, but the other is incorrect. Determine which entry is incorrect and journalize both closing entries for Chandler Company as of Dec. 31. Also prepare a post closing trial balance for the company.

CHART OF ACCOUNTS Chandler Company General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 42 Rent Revenue 43 Interest Revenue 16 Prepaid Insurance 18 Equipment 19 Accumulated Depreciation- Equipment EXPENSES 51 Salaries Expense 52 Selling Expense 53 Income Taxes Expense LIABILITIES 21 Accounts Payable 54 Depreciation Expense- Equipment 22 Salaries Payable 24 Income Taxes Payable 55 Insurance Expense 50 Microllannone Evnence 59 Miscellaneous Expense EQUITY 31 Roscoe Chandler, Capital 32 Roscoe Chandler, Drawing ADJUSTED TRIAL BALANCE December 31, 2018 ACCOUNT TITLE DEBIT CREDIT Cash 73,000.00 Accounts Receivable 29,000.00 Prepaid Insurance 16,000.00 60,000.00 40,000.00 Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Income Taxes Payable 6,000.00 8,000.00 4,000.00 Roscoe Chandler, Capital 27,000.00 0 Roscoe Chandler, Drawing 5,000.00 18 Income Taxes Payable 4,000.00 27,000.00 9 Roscoe Chandler, Capital ho Roscoe Chandler, Drawing 5,000.00 165,600.00 11 Fees Earned 92,000.00 12 Rent Revenue 17,200.00 13 Interest Revenue 71,000.00 14 Salaries Expense 15 Selling Expense 25,600.00 16 Income Taxes Expense 15,000.00 47,200.00 17 Depreciation Expense-Equipment 17,000.00 18 Insurance Expense 1,000.00 19 Miscellaneous Expense 359,800.00 359,800.00 20 Totals DATE DE POST. REF. 1 DESCRIPTION Closing Entries Roscoe Chandler, Capital 451 | 2 Dec 31 3 Fees Earned Rent Revenue Interest Revenue 6 Salaries Expense 7 Selling Expense 8 Income Taxes Expense 9 Depreciation Expense-Equipment 10 Insurance Expense 11 Miscellaneous Expense 12 31 Roscoe Chandler, Capital Roscoe Chandler, Drawing 13 Previous Next Roscoe's Journal POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 451,600.00 165,600.00 1 92,000.00 1 17,200.00 1 71,000.00 25,600.00 1 15,000.00 1 47,200.00 17,000.00 1 1,000.00 1 5,000.00 5,000.00 1