Following is the adjusted trial balance of Post Company. Based on this information prepare a Balance Sheet, Income Statement and Statement of Retained Earnings. Explain the closing entry process and prepare the closing entries in journal form based on the information
POST COMPANY
ADJUSTED TRIAL BALANCE
DebitCredit
Cash80,000
Accounts Receivable12,000
Prepaid Insurance2,000
Equipment4,000
Accumulated Depreciation100
Supplies400
Accounts Payable800
Wages Payable200
Unearned Revenue1,200
Contributed Capital82,400
Retained Earnings0
Sales16,000
Gas Expense200
Supply Expense400
Insurance Expense400
Depreciation Expense100
Wage Expense200
Dividends1,000
100,700100,700
