Tony has decided to end the Precision Computer Centre’s first year as of July 31, 2022. Below is an updated chart of accounts.

Assignment

(Use the Excel templates in MyLab Accounting to complete this question. The adjusting entries have been posted and are reflected in the ledger account balances in the Excel templates.)

1. Journalize the closing entries.

2. Post the closing entries to the ledger.

3. Prepare a post-closing trial balance.

Assets 1000 Cash 1020 Accounts Receivable 1025 Prepaid Rent 1030 Supplies 1080 Computer Shop Equipment 1081 Accumulated Depreciation, Computer Shop Equipment Office Equipment 1090 1091 Accumulated Depreciation, Office Equipment Liabilities 2000 Accounts Payable Owner's Equity 3000 T. Freedman, Capital 3010 T. Freedman, Withdrawals 3020 Income Summary Revenue 4000 Service Revenue Expenses 5010 Advertising Expense 5020 Rent Expense 5030 Utilities Expense 5040 Phone Expense 5050 Supplies Expense 5060 Insurance Expense Postage Expense 5070 5080 Depreciation Expense, Computer Shop Equipment 5090 Depreciation Expense, Office Equipment