The adjusted balance ("Adj. Bal.") of each account has been entered for you. Post the closing entries to the T-accounts and calculate each account's post-closing balance. Use Dec. 31 as a posting reference for your closing entries, and "Bal." references to denote post-closing balances. Include a post-closing balance for each T-account (including those that were not closed). For any accounts with a zero balance after closing, enter a "0" on the normal side of the account. For Income Summary, calculate and enter the balance ("Bal.") before posting the entry to close out the account. Post the entry to close the Income Summary account on the same line as you entered the balance prior to closing (the second line) and then show the post-closing balance ("Bal.") on the last (third) line of the account. (Abbreviation used: Accum. = Accumulated.)

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The adjusted trial balance of Mountain Advertising Services, at December 31, 2018, follows. This is the first year of operations. (Click the icon to view the adjusted trial balance.) Read the requirements. Review the closing journal entries you prepared above. Cash Accounts Payable Adj. Bal. 14,000 Dec. 31 7,000 Adj. Bal. Bal. 14000 7000 Bal. Service Revenue 71,000 Adj. Bal. Salarles Payable Accounts Receivable Adj. Bal. 3.500 Salarles Expense 18.000 1,100 Adj. Bal. Adj. Bal. Mountain Advertising Services Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $ 14,000 Accounts Receivable 8,500 Office Supplies 1,000 Land 35,000 54,000 Accumulated Depreciation Building $ 28,000 Furniture 12,000 Accumulated Depreciation - Furniture 5,000 Accounts Payable 7,000 Salarles Payable 1,100 Unearned Revenue 3,000 Notes Payable (long-term) 15,000 Common Stock 56,000 Dividends 23,000 Building Office Supplies 1,000 Unearned Revenue 3,000 Adj. Bal. Supplies Expense 1,800 Adj. Bal. Adj. Bal. Land 35,000 Notes Payable 15,000 Adj. Bal. Depreciation ExpenseFurniture Adj. Bal. 3,000 Adj. Bal. Building Common Stock Depreciation Expense-Building Print Done i Data Table The adjusted trial balance of Mountain Advertising Services, at December 31, 2018, follows. This is the first year of operations. (Click the icon to view the adjusted trial balance.) Read the requirements, Building Common Stock 56,000 Adj. Bal. Depreciation Expense-Building Adj. Bal. 9,000 Adj. Bal. 54,000 Retained Earnings Accum. Depreciation-Building 28,000 Adj. Bal. Advertising Expense Adj. Bal. 7,000 O Adj. Bal. Mountain Advertising Services Adjusted Tral Balance December 31, 2018 Balance Account Title Debit Credit Cash 14,000 Accounts Receivable 8,500 Office Supplies 1.000 Land 35,000 Building 54,000 Accumulated Depreciation-Building $ 28,000 Fumiture 12,000 Accumulated Depreciation - Furniture 5,000 Accounts Payable 7,000 Salarles Payable 1,100 Unearned Revenue 3,000 Notes Payable (long-term) 15,000 Common Stock 56,000 Dividends 23,000 Furniture Dividends 23,000 Adj. Bal. 12,000 Adj. Bal. Income Summary Accum. Depreciation-Furniture 5.000 Adj. Bal. Requirement 6. Prepare a post-closing trial balance at December 31, 2018 Print Done