The following is a list of adjusted account balances for Shenandoah Company as of December 31, Year 1:
Required:a) Prepare an adjusted trial balance.b) Prepare the closing entries as of December 31, Year 1 in journal entry format.c) Prepare an income statement.d) Determine the balance in retained earnings after the closing entries had been posted.
What will be an ideal response?
a) 
b)
Alternative solution:
| Account Titles | Debit | Credit |
| Service Revenue | 912,000 | ? |
| Salaries Expense | ? | 588,000 |
| Supplies Expense | ? | 23,250 |
| Insurance Expense | ? | 9,600 |
| Rent Expense | ? | 57,000 |
| Utilities Expense | ? | 22,050 |
| Retained Earnings | ? | 212,100 |
d) $266,100
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