The following is the adjusted trial balance of the Toribio Cayanan Company: Toribio Cayanan Company Adjusted Trial Balance Jan. 31, 2010 Cash P 140,000 Accounts Receivable 230,000 Prepaid Rent 90,000 Office Supplies 150,000 Office Equipment 780,000 Accumulated Depreciation P 320,000 Accounts Payable 120,000 Salaries Payable 70,000 Cayanan, Capital 750,000 Cayanan, Withdrawals 170,000 Counseling Service Revenues 830,000 Miscellaneous Income 00 Salaries Expense 320,000 Office Supplies Expense 210,000 Depreciation Expense 60,000 Rent Expense 50,000 Total P2,200,000 P2,200.000 Required: 1. Prepare the closing entries. 2. Prepare a post-closing trial balance.

The following is the adjusted trial balance of the Toribio Cayanan Company:

Toribio Cayanan Company 
Adjusted Trial Balance 
Jan. 31, 2010

Cash                    P   140,000
Accounts Receivable                  230,000
Prepaid Rent                        90,000
Office Supplies                  150,000
Office Equipment                  780,000
Accumulated Depreciation                    P   320,000
Accounts Payable                              120,000
Salaries Payable                                70,000
Cayanan, Capital                              750,000
Cayanan, Withdrawals             170,000
Counseling Service Revenues                      830,000
Miscellaneous Income                          110,000
Salaries Expense                  320,000
Office Supplies Expense              210,000
Depreciation Expense                60,000
Rent Expense                        50,000                
Total                    P2,200,000        P2,200,000    

Required:

1.    Prepare the closing entries.
2.    Prepare a post-closing trial balance.