TouchTone Talent Agency performs adjusting entries every month but closes its accounts only

at year-end. The companys year-end adjusted trial balance dated December 31, 2011, was:

TouchTone Talent Agency

Adjusted trial balance

31^stDecember 2011

Registration no: 173114

(Data given above inTouchTone Talent Agency problem)

1. Prepare the necessary Journalfor closing entries at December 31, 2017.
2. Prepare an After-Closing Trial Balance dated December 31, 2017.

Details	Dr. $	Cr. $
Cash	91,100
Account Receivables	4,500
Supplies	300
Equipment	12,000
Accumulated depreciation: equipment		$ 5,000
Accounts payable		1,500
Income taxes payable		3,500
Capital stock		25,000
Retained earnings		45,000
Dividends	2,000
Agency revenue earned		Your Registration no.
Salary expense	52,000
Supply expense	1,200
Advertising expense	300
Depreciation expense: equipment	1,000
Income taxes expense	11,600
Total	$176,000	$176,000

Part II-CLO: 3, (10Marks)