Answer Happy

05 The year-end financial statements of Monarch Financial Services are provided below. Service revenue Expenses: Salaries Supplies Rent Delivery Net income Assets MONARCH Income Statement Beginning balance, January 1 Issue stock Net income Dividends Ending balance, December 31 Cash Accounts receivable Land Total assets $48, 100 8,200 6,600 2,800 MONARCH Statement of Stockholders' Equity $80, 200 $5,700 8,300 101,000 $115,000 65,700 $14,500 Common Stock $51,000 10,500 $61,500 Retained Earnings $31,400 14,500 (5,100) $40,800 MONARCH Balance Sheet Accounts payable Total Stockholders' Equity $82,400 10,500 Liabilities 14,500 (5,100) $102,300 Stockholders Equity Common stock Retained earnings Total liabilities and equities $61,500 40,800 $12,700 102,300 $115,000 Required: 1. Record year-end closing entries. 2. Prepare a post-closing trial balance. (Hint: The balance of retained earnings will be the amount shown in the balance sheet.)

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record year-end closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the entry to close the revenue accounts. 3 Note: Enter debits before credits Date December 31 Record entry General Journal Clear entry Debit Credit View general Journal

View transaction list 1 Record the entry to close the revenue accounts. 2. Record the entry to close the expense accounts. 3 Record the entry to close the dividends account. Note: = journal entry has been entered Clear entry Record entry Required 1 EX ebit Credit View general journal Required 2 >

Required 1. Required 2 Prepare a post-closing trial balance. (Hint: The balance of Retained Earnings will be the amount shown in the balance sh MONARCH Post-Closing Trial Balance Debit Accounts Totals Credit < Required 1 Required 2 >