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M N 0 Q R S T U V Closing Entries Date Particulars Debit Credit Dec. 31 B D 1 Problem Three - Use the Trial Balance below to prepare the closing entries, Income Statement, Classified Balance Sheet, Closing Entries and the Post-Closing Trial Balance. 2 Cormier Company Cormier Company Cormier Company 3 Adjusted Trial Balance Income Statement Balance Sheet 4 December 31, 2021 for the period ending Dec. 31, 2021 December 31, 2021 5 Assets 6 Cash 13,600.00 Revenue: Current Assets 7 Accounts Receivable 15,400.00 Service revenue $88,000 Cash $13,600 8 Supplies 1,500.00 Accounts receivable 15,400 9 Prepaid Insurance 2,800.00 Operating Expenses: Supplies 1,500 10 Office Equipment 34.000.00 Salaries expense $40,000 Prepaid insurance 2.800 11 Accumulated Amortization 8.000.00 Rent Expense 14,000 Fixed Assets 12 Notes Payable 16,000.00 Supplies Expense 5,700 Office equipment $34,000 13 Accounts Payable 6,000.00 Insurance Expense 5,000 Accumulated amortization 8,000 26,000 14 Salaries Payable 3.000.00 Amortization Expen 4,000 Total Assets $59,300 15 Interest Payable 500 Interest Expense 500 16 P. Cormier, Capital 25,000.00 69,200 Liabilities 17 P. Cormier, Drawings 10.000.00 $18,800 Current Liabilities 18 Service Revenue 88,000.00 Accounts payable 6,000 19 Supplies Expense 5,700.00 Salaries payable 3,000 20 Amortization Expense 4,000.00 Interest payable 500 21 Insurance Expense 5,000.00 Long-term Liabilities 22 Salaries Expense 40,000.00 Notes payable $16,000 23 Rent Expense 14,000.00 Total Liabilities 25,500 24 Interest Expense 500 Owner's Equity 33.800 25 146,500.00 146,500.00 26 27 Total Liabilities and Equity 59,300 28 Cormier Company Post Closing Trial Balance December 31, 2021 Debit Credit Cash $13,600 Account Receivable 15,400 Prepaid Insurance 2,800 Supplies 1,500 Office Equipment 34,000 Accumulated Amortization Office E $8,000 Notes Payable 16,000 Accounts Payable 6,000 Salaries Payable 3,000 Interest Payable 500 P. Cormier, Capital 33,800 Totals $67,300 $67,300