ust closin g entries and complete the closing process. i. Prepare a post-closing trial balance at March 31. tions and followe ACR Financial Statement On August 1, 2020, the following were the account balances of balances of B&B g cycle to ancial statements Repair Services. Debit Credit S 6.040 Accumulated Depreciation-Equipment S 600 Cash Accounts Receivable Notes Receivable Supplies Equipment GLS 2,300 1,260 1.420 2.910 Accounts Payable Unearned Service Revenue Salaries and Wages Payable 1,030 10,000 Owner's Capital 18,400 $23,980 $23,980 During August, the following summary transactions were completed. Aug. 1 Paid $400 cash for advertising in local newspapers. Advertising fyers will be included with newspapers delivered during August and September Paid August rent $380. Received $1,200 cash from customers in payment on account. Paid S3.120 for salaries due employees, of which S1,700 is for August and $1.420 is for July salaries payable. Received $2,800 cash for services performed in August. Purchased store equipment on account $2.000. Paid creditors $2,000 of accounts payable due. Purchased supplies on account $800. Paid $2,900 cash for employees' salaries. Billed customers $3.760 for services performed. Received $780 from customers for services to be performed in the future. 3 5 10 12 15 20 22 25 27 29 Adjustment data: I. A count shows supplies on hand of $960. 2. Accrued but unpaid employees' salaries are $1,540 3. Depreciation on equipment for the month is $320. 4. Services were performed to satisfy $800 of unearned service revenue. 5. One month's worth of advertising services has been received. 6. One month of interest revenue ue related to the $4,000 note receivable has accrued. The 4-month note has a 6% annual interest rate. (Hint: Use the formula from Illustration 3.17 to compute interest.) Instructions a. Enter the August 1 balances in the ledger accounts. (Use T-accounts.) b. Journalize the August transactions