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(d) Prepare a post-closing trial balance, SANDHILL COMPANY Post-Closing Trial Balance Debit Credit $ Totals $ Owner's Capital No. 301 12/31 10,300 1/1 Bal. 19,400 12/31 21,400 12/31 Bal v 30,500 Owner's Drawings No. 306 12/31 Bal. 10,300 12/31 10,300 Income Summary No. 350 12/31 38,200 12/31 59,600 12/31 21,400 Service Revenue No. 400 12/31 59,600 12/31 Bal. 59,600 Maintenance and Repairs Expense No. 622 12/31 59,600 59,600 12/31 Bal. Maintenance and Repairs Expense No. 622 12/31 Bal. 1,800 12/31 1,800 Depreciation Expense No. 711 12/31 Bal. 3,100 12/31 3,100 Insurance Expense No. 722 12/31 Bal. v 1,700 12/31 1,700 Salaries and Wages Expense No. 726 12/31 Bal. 30,100 12/31 30,100 Utilities Expense No. 732 12/31 Bal. 1,500 12/31 1,500 Date Account Titles and Explanation Debit Credit Dec 31 Service Revenue 59,600 59,600 Income Summary (To close revenue account) Dec. 31 Income Summary 38,200 Salaries and Wages Expense 30,100 Utilities Expense 1,500 1,800 Maintenance and Repairs Expense Insurance Expense 1,700 3,100 Depreciation Expense (To close expense accounts) Dec. 31 Income Summary 21,400 21,400 Owner's Capital (To close net income / (loss)) 10,300 Dec 31 Owner's Capital SANDHILL COMPANY Balance Sheet December 31, 2020 Assets Current Assets Cash 8700 Accounts Receivable 11000 3000 Prepaid Insurance 22700 Total Current Assets Property, plant and Equipment 23800 Equipment 4400 19400 Less Accumulated Depreciation-Equipment 42100 Total Assets Liabilities and Owner's Equity Current Liabilities Liabilities and Owner's Equity Current Liabilities 9100 Accounts Payable 2500 Salaries and Wages Payable 11600 Total Current Liabilities Owner's Equity 30500 Owner's Capital al 42100 Total abilities and Owner's Equity Sandhill Company Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Account No. Account Titles Dr. Cr. Dr. Cr. 101 112 130 8,700 11,000 3,000 23,800 157 158 201 212 301 4,400 9,100 2,500 19,400 306 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Salaries and Wages Payable Owner's Capital Owner's Drawings Service Revenue Maintenance and Repairs Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense Totals Net Income 10,300 400 59,600 622 711 722 726 1,800 3,100 1,700 30,100 1,500 732 59,600 56,800 38,200 21,400 35,400 21,400 59,600 59,600 56,800 56,800 rch 10

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