Tony decided to end the Sanchez Computer Center’s first year as of September 30, 201X. Following is an updated chart of accounts.Assets Revenue1000 Cash 4000 Service Revenue1020 Accounts Receivable Expenses1025 Prepaid Rent 5010 Advertising Expense1030 Supplies 5020 Rent Expense1080 Computer Shop Equip. 5030 Utilities Expense1081 Accum. Depr., C.S. Equip. 5040 Phone Expense1090 Office Equipment 5050 Supplies Expense1091 Accum. Depr., Office Equip. 5060 Insurance ExpenseLiabilities 5070 Postage Expense2000 Accounts Payable 5080 Depr. Exp., C.S. Equip.Owner’s Equity 5090 Depr. Exp., Office Equip.3000 T. Freedman, Capital3010 T. Freedman, Withdrawals3020 Income SummaryAssignment1. Journalize the adjusting entries from Chapter 4.2. Post the adjusting entries to the ledger.3. Journalize the closing entries.4. Post the closing entries to the ledger.5. Prepare a post-closing trial balance.View Solution:
Tony decided to end the Sanchez Computer Center s first year



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