Question 2 REQUIRED:
(1) Complete the following partial worksheet.
(2) Using your worksheet information, prepare closing entries(for December 31 of the current year) in the journal paper on thenext page. Note: Explanations are NOT required.
(3) Assuming the journal entries prepared in part (2) have beenposted, prepare a Post-Closing Trial Balance (on the next page).Hint: you may find it helpful to use a T-account for calculatingCapital.
account titles adjusted trial balance   incomestatement statement of changes in equity or balance sheet
| DR | CR | DR | CR | DR | CR |
Cash | 6,500 | | | | | |
Accounts Receivable | 1,500 | | | | | |
Equipment | 7,000 | | | | | |
Accum. Dep. – Equipment | | 1,500 | | | | |
Accounts Payable | | 12,000 | | | | |
Unearned Revenue | | 2,000 | | | | |
Hugh Betcha, Capital | | 7,500 | | | | |
Hugh Betcha, Withdrawals | 7,000 | | | | | |
Fees Earned | | 7,000 | | | | |
Service Revenue | | 8,000 | | | | |
Wages Expense | 9,000 | | | | | |
Rent Expense | 7,000 | | | | | |
Totals | 38,000 | 38,000 | | | | |
