Dillan's Tailoring Services' adjusted trial balance on December 31, 2017, appears as follows.
No. Particulars Debit Credit
101 Cash $15,500 125 Store supplies $6,500 128 Prepaid insurance $3,800 167 Equipment $61,000 168 Accumulated depreciation, equipment $19,700
201 Accounts payable $39,400
210 Wages payable $6,400
301 Vy, Dillan, capital $23,300
302 Vy, Dillan, withdrawals $32,000 401 Sewing revenue $109,920
612 Depreciation expense, equipment $5,400 623 Wages expense $61,200 637 Insurance expense $2,200 640 Rent expense $4,800 651 Store supplies expense $2,600 690 Utilities expense $3,720 Totals $198,720 $198,720
Required:
1. Prepare a closing entries
2. Prepare a post-closing trial balance.