Prepare the after closing trial balance at december 31 2015

Reference no: EM131026130

Presented below are the accounts of an adjusted trial balance for walid company atndecember 31, 2015.

cash	$25,400
Accounts receivable	40000
prepaid insurance		30000
equipment	70000
depreciation expense	14000
walid drawing	3000
utilities expense	1400
insurance expense	1600
account payable	3200
notes payable	10000
accumulated depreciation		50000
advertising expense	28000
service revenue	1400
service revenue	50000
walid capital	48000
salaries payable	10000
salary expense	6000

Required:

Prepare closing entries at December 31 2015.

Prepare the after closing trial balance at December 31 2015.

Reference no: EM131026130

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