Following is the adjusted trial balance of Post Company. Based on this information prepare a Balance Sheet, Income Statement and Statement of Retained Earnings. Explain the closing entry process and prepare the closing entries in journal form based on the information
| POST COMPANY | ||
| ADJUSTED TRIAL BALANCE | ||
| Debit | Credit | |
| Cash | 80,000 | |
| Accounts Receivable | 12,000 | |
| Prepaid Insurance | 2,000 | |
| Equipment | 4,000 | |
| Accumulated Depreciation | 100 | |
| Supplies | 400 | |
| Accounts Payable | 800 | |
| Wages Payable | 200 | |
| Unearned Revenue | 1,200 | |
| Contributed Capital | 82,400 | |
| Retained Earnings | 0 | |
| Sales | 16,000 | |
| Gas Expense | 200 | |
| Supply Expense | 400 | |
| Insurance Expense | 400 | |
| Depreciation Expense | 100 | |
| Wage Expense | 200 | |
| Dividends | 1,000 | |
| 100,700 | 100,700 | |