^use this info to complete the following questions.

Adjusting entries: CR DR 90 Dec. 31 PR 550 140 Supplies Expense Supplies 90 31 180 AR-John's Gym Sales Revenue 130 410 180 31 60 Wages Expense Wages Payable 570 240 60 31 18 Depreciation Exp. Accum. Depreciation 515 161 18 31 7 Interest Exp. Interest Payable 527 245 7 b. Adjusted General Ledger: Cash PR Date Dec 7 9 12 17 29 30 55555 G1 Acct#110 Debit Credit Balance 910 910 2,800 3,710 330 3,380 205 3,175 120 3,295 80 3.215 Accounts Receivable 10 Date Dec 21 31 Acct #130 Credit PR G1 G2 Debit 295 180 Balance 295 475 AJE Supplies Acct #140 Credit PR Date Dec 17 31 555 Debit 205 Balance 205 115 AJE 90 Equipment Acct #160 Credit Date Dec 1 PR G1 Debit 850 Balance 850 Accumulated Depreciation-Equipment Date PR Dec 31 AJE G2 Debit Acct #161 Credit 18 Balance 18 Accounts Payable Debit Date Dec 28 PR G1 Acct #210 Credit 102 Balance 102 Unearned Revenue Date Dec 29 PR G1 Debit Acct #230 Credit 120 Balance 120 Wages Payable Date Dec 31 PR G2 Debit Acct #240 Credit 60 Balance 60 AJE Interest Payable Debit Date Dec 31 Balance Acct #245 Credit 7 PE G2 AJE Notes Payable PR Debit Date Dec 9 Acct #260 Credit 2,800 Balance 2,800 9978 97 Capital PR Debit Date Dec 1 7 Acct #310 Credit 850 910 Balance 850 1,760 Drawinge PR Debit G1 80 Acct #320 Credit Date Dec 30 Balance 80 Sales Revenue Debit Date Dec 21 31 PR G1 G2 Acct #410 Credit 295 180 Balance 295 475 AJE Advertising Expense Acct #508 Credit Date Dec 12 PR G1 Debit 330 Balance 330 Depreciation Expense Acct #515 Credit PR G2 Date Dec 31 Debit Balance 18 AJE 18 Interest & Bank Charges Expense PR Debit AJE G2 Acct #527 Credit Date Dec 31 Balance 7 Supplies Expense Acct #550 Credit Debit Date Dec 31 PR G1 90 Balance 90 Telephone Expense Acct #563 Credit Date Dec 28 PR G1 Debit 102 Balance 102 Wages Expense Debit Date Dec 31 PR G2 Acct #570 Credit Balance 60 AJE 60 Income Summary Acct #999 Credit Balance Date PR Debit Jones Smoothies Adjusted Trial Balance December 31, 2020 Credit Debit 3.215 475 115 850 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 18 102 120 60 7 2,800 1,760 80 475 330 18 7 90 102 60 5,342 5,342 Financial Statements: Business Name Income Statement Month Ended December 31, 2020 $ 475 330 18 7 90 102 60 607 132 $ Sales revenue Less: Expenses: Advertising expense $ Depreciation expense Interest expense Supplies expense Telephone expense Wages expense Total expenses Loss Business Name Statement of owner's equity Month Ended December 31, 2020 Owner, capital, December 1, 2020 Add: Investments Subtotal Less: Loss $ Drawings Owner, capital, December 31, 2020 $ 1,760 1,760 132 80 212 $ 1,548 Business Name Balance Sheet December 31, 2020 $ 3,215 475 115 $ 850 18 832 $ 4,637 Assets Cash Accounts receivable Supplies Equipment Less: Accumulated depreciation Total assets Liabilities and owner's equity Accounts payable Uneared revenue Wages payable Interest payable Notes payable Total liabilities $ 102 120 60 7 2,800 3,089 Owner's equity Owner, capital Total liabilities and owner's equity 1,548 $ 4,637 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