This is part 3 adjusting trial balance

Jones Smoothies Adjusted Trial Balance December 31, 2020 Credit Debit 3,630 700 210 1,200 33 Acc # 110 130 140 160 161 210 230 240 245 260 310 320 410 508 515 527 550 563 570 Cash Accounts receivable Supplies Equipment Accum depreciation Accounts payable Unearned revenue Wages payable Interest payable Notes payable Owner, Capital Owner, Drawings Sales revenue Advertising expense Depreciation expense Interest & Bank Charges Supplies expense Telephone expense Wages expense Totals 210 150 72 8 3,500 2,000 120 700 450 33 8 40 210 72 6,673 6,673 hp BUAD 111 TERM PROJECT FALL 2021 Part 4 You have decided to use December 31, 2021 as your first year-end. Using the December 31, 2021 adjusted trial balance from Part 3, answer the following questions: "Note" Don't forget to update your trial balance so that it matches the solution provided by your instructor Instructions You have decided to use December 31, 2021 as your first year-end. Using the December 31, 2021 adjusted trial balance from Part 3, answer the following questions: "Note* Don't forget to update your trial balance so that it matches the solution provided by your instructor a. Prepare the closing entries for your business. In your own words, why are closing entries important? b. Post the entries to the general ledger accounts and prepare a post-closing trial balance. o Jones Smoothies Adjusted Trial Balance December 31, 2020 Credit Debit 3,630 700 210 1,200 33 Acc # 110 130 140 160 161 210 230 240 245 260 310 320 410 508 515 527 550 563 570 Cash Accounts receivable Supplies Equipment Accum depreciation Accounts payable Unearned revenue Wages payable Interest payable Notes payable Owner, Capital Owner, Drawings Sales revenue Advertising expense Depreciation expense Interest & Bank Charges Supplies expense Telephone expense Wages expense Totals 210 150 72 8 3,500 2,000 120 700 450 33 8 40 210 72 6,673 6,673 hp BUAD 111 TERM PROJECT FALL 2021 Part 4 You have decided to use December 31, 2021 as your first year-end. Using the December 31, 2021 adjusted trial balance from Part 3, answer the following questions: "Note" Don't forget to update your trial balance so that it matches the solution provided by your instructor Instructions You have decided to use December 31, 2021 as your first year-end. Using the December 31, 2021 adjusted trial balance from Part 3, answer the following questions: "Note* Don't forget to update your trial balance so that it matches the solution provided by your instructor a. Prepare the closing entries for your business. In your own words, why are closing entries important? b. Post the entries to the general ledger accounts and prepare a post-closing trial balance. o