Constantino Company presented the following general ledger account balances for the month ended December 31, 2005.

Assets:

Cash

20,600

Accounts Receivable

2,250

Equipment

11,000

Total Assets

33,850

Liabilities:

Wages Payable

250

Payable to Internet Service

35

Notes Payable

17,000

Total Liabilities

17,285

Owners’ Equity:

Contributed Capital

13,000

Retained Earnings

1,000

Service Revenue

3,315

Rent Expense

400

Wages Expense

315

Internet Service Expense

35

Total Owners’ Equity

16,565

a. Close the books for Constantino Company.

b. Prepare a post closing summary of account balances similar to Exhibit 13.