Chapter 4, Problem 4.10P

Closing Process. Sherlock Locksmiths, Inc has the following adjusted trial balance for the year ended December 31, 2018.

Sherlock Locksmiths, Inc. Adjusted Trial Balance At December 31,2018
Account	Debit	Credit
Cash	$1,734,900
Accounts Receivable	778,000
Supplies	250,000
Prepaid Insurance	130,000
Equipment	360,000
Accumulated Depreciation—Equipment		$28,000
Accounts Payable		1,275,000
Unearned Service Revenue		39,600
Wages Payable		280,000
Interest Payable		60,000
Notes Payable		320,000
Common Stock		1,200,000
Retained Ear rungs		0
Dividends	12,000
Service revenue		2,160,000
Wage Expense	1,276,000
Utilities Expense	89,200
Selling Expense	72,500
Administrative Expense	182,000
Repairs Expense	62,000
Interest Expense	40,000
Insurance Expense	121,000
Supplies Expense	215,000
Depreciation Expense—Equipment	40,000
Totals	$5,362,600	$5,362,600

1. a. Journalize and post the necessary closing entries Omit explanations.
2. b. Prepare a post-closing trial balance as of December 31.