MY Autobody’s adjusted trial balance on December 31, 2020, appears in the work sheet as follows:
| No. | Account | Debit | Credit | ||||
| 101 | Cash | $ | 27,400 | ||||
| 124 | Shop supplies | 1,500 | |||||
| 128 | Prepaid insurance | 3,600 | |||||
| 167 | Equipment | 85,000 | |||||
| 168 | Accumulated depreciation, equipment | $ | 6,900 | ||||
| 201 | Accounts payable | 18,400 | |||||
| 210 | Wages payable | 8,260 | |||||
| 301 | Mike Yang, capital | 134,000 | |||||
| 302 | Mike Yang, withdrawals | 33,000 | |||||
| 401 | Repair revenue | 152,230 | |||||
| 612 | Depreciation expense, equipment | 7,900 | |||||
| 623 | Wages expense | 103,900 | |||||
| 637 | Insurance expense | 1,600 | |||||
| 640 | Rent expense | 49,350 | |||||
| 650 | Office supplies expense | 4,200 | |||||
| 690 | Utilities expense | 2,340 | |||||
| Totals | $ | 319,790 | $ | 319,790 | |||
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Required
1. Prepare closing entries.
2. Prepare the post-closing trial balance at December 31, 2020.
