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MY Autobodys adjusted trial balance on December 31, 2023, appears in the work sheet as...

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Accounting

MY Autobodys adjusted trial balance on December 31, 2023, appears in the work sheet as follows:

No. Account Debit Credit
101 Cash $ 28,000
124 Shop supplies 1,800
128 Prepaid insurance 4,200
167 Equipment 88,000
168 Accumulated depreciation, equipment $ 7,500
201 Accounts payable 19,000
210 Wages payable 8,860
301 Mike Yang, capital 140,000
302 Mike Yang, withdrawals 36,000
401 Repair revenue 157,630
612 Depreciation expense, equipment 8,500
623 Wages expense 104,500
637 Insurance expense 1,900
640 Rent expense 52,350
650 Office supplies expense 4,800
690 Utilities expense 2,940
Totals $ 332,990 $ 332,990

Required: 1. Prepare closing entries.

2. Prepare the post-closing trial balance at December 31, 2023.

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