The preparation of a classified statement of financial position (balance sheet), closing entries, and post-closing trial balance is as follows:
a.  Statement of Financial Position (Balance Sheet)
As of September 30, 2020
Assets:
Current Assets:
Cash                                            $37,400 
Inventory                                        4,200 
Supplies                                         6,200 
Accounts Receivable                   11,000
Prepaid Insurance                        3,900    $62,700
Long-term Assets:
Land                                            70,000 
Equipment                                120,000
Accumulated Depreciation      (18,600) 
Patent                                        80,000
Other assets                               13,800  $265,200
Total assets                                             $327,900
Liabilities and Equity:
Current Liabilities:
Accounts payable                      42,000
Interest payable                          19,600
Salaries and wages payable      6,000 
Unearned rent revenue               4,100    $71,700
Long-term Liabilities:
Mortgage payable (due 2024)                 79,000
Total liabilities                                        $150,700
Equity:
Capital                                     109,700 
Retained earnings                   67,500 $177,200
Total liabilities and equity                 $327,900
b) Closing Journal Entries:
Debit Sales revenue $240,500
Credit Statement of Financial Performance $240,500
Debit Statement of Financial Performance $123,500
Credit Cost of goods sold $123,500
Debit Rent revenue $14,400
Credit Statement of Financial Performance $14,400
Debit Expenses:
Depreciation Expense $7,800 
Insurance Expense $18,000 
Supplies Expense $14,400
Interest Expense $12,000 
Salaries and Wages Expense $21,900
Credit Statement of Financial Performance $74,100
Debit Credit Statement of Financial Performance $57,300
Credit Retained Earnings $57,300
c) Post-Closing Trial Balance
Account Titles                                 Debit        Credit
Cash                                            $37,400 
Inventory                                        4,200 
Supplies                                         6,200 
Accounts Receivable                   11,000
Prepaid Insurance                        3,900
Long-term Assets:
Land                                            70,000 
Equipment                                120,000
Accumulated Depreciation                         $18,600
Patent                                        80,000
Other assets                               13,800
Accounts payable                                        42,000
Interest payable                                           19,600
Salaries and wages payable                        6,000 
Unearned rent revenue                                 4,100
Mortgage payable (due 2024)                  79,000
Capital                                                       109,700 
Retained earnings                                     67,500
Totals                                  $327,900  $327,900
Data and Calculations:
Trial Balance
Cash                                            $37,400 
Inventory                                        4,200 
Supplies                                         6,200 
Accounts Receivable                   11,000
Prepaid Insurance                        3,900 
Land                                            70,000 
Equipment                                120,000 
Patent                                         80,000
Other assets                               13,800 
Accumulated Depreciation- Equipment $18,600 
Cost of goods sold                  123,500 
Depreciation Expense                7,800 
Insurance Expense                   18,000 
Supplies Expense                     14,400
Interest Expense                      12,000 
Salaries and Wages Expense 21,900
Accounts payable                                    42,000
Mortgage payable (due 2024)                79,000
Interest payable                                       19,600
Salaries and wages payable                    6,000 
Unearned rent revenue                            4,100 
Dividends                              4,800 
Capital                                                   109,700 
Retained earnings, Oct. 1, 2019            15,000
Sales revenue                                    240,500 
Rent revenue                                        14,400
Totals                           $548,900   $548,900
Statement of Financial Performance (Income Statement)
For the year ended September 30, 2020
Sales revenue                       $240,500
Cost of goods sold                  123,500
Gross profit                             $117,000 
Rent revenue                             14,400
Total income                          $131,400
Expenses:
Depreciation Expense               7,800 
Insurance Expense                   18,000 
Supplies Expense                     14,400
Interest Expense                      12,000 
Salaries and Wages Expense 21,900
Total Expenses                      $74,100
Net Income                           $57,300
Statement of Retained Earnings:
Retained earnings, Oct. 1, 2019  $15,000
Net income                                    57,300
Dividends                                       (4,800)
Retained earnings, Sept. 30,    $67,500
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