Following is the adjusted trial balance of Post Company.

QUESTION 1 Following is the adjusted trial balance of Post Company. Based on this information prepare a Balance Sheet, Income Statement and Statement of Retained Earnings.POST COMPANYADJUSTED TRIAL BALANCEDebitCreditCash80,000Accounts Receivable11,100Prepaid Insurance1,500Equipment10,000Accumulated Depreciation4,000Supplies500Accounts Payable2,900Wages Payable300Unearned Revenue1,500Contributed Capital80,000Retained Earnings0Sales17,000Gas Expense400Supply Expense400Insurance Expense200Depreciation Expense200Wage Expense400Dividends1,00099,70099,700QUESTION 2Explain the closing entry process and prepare the closing entries in journal form based on the information in question 3.QUESTION 3MATRIX INC. BANK RECONCILIATIONCash balance per bank$8,500Cash balance per books (general ledger)$7,320Outstanding checks$3,6000Check mailed to the bank for deposit hadnot reached the bank by the statementdate.$2,050NSF check returned by the bank foraccounts receivable$200July interest earned on the bank statement$10Check no. 700 for misc.

expense clearedthe bank for $200; erroneously recordedin the Matrix books for $20Prepare a bank reconciliation.Shown the accounting entries that must be made by Matrix in journal entry and T-Account format.QUESTION 1Following is the adjusted trial balance of Post Company. Based on this information prepare a Balance Sheet, Income Statement and Statement of Retained Earnings.POST COMPANYADJUSTED TRIAL BALANCEDebitCreditCash80,000Accounts Receivable11,100Prepaid Insurance1,500Equipment10,000Accumulated Depreciation4,000Supplies500Accounts Payable2,900Wages Payable300Unearned Revenue1,500Contributed Capital80,000Retained Earnings0Sales17,000Gas Expense400Supply Expense400Insurance Expense200Depreciation Expense200Wage Expense400Dividends1,00099,70099,700QUESTION 2Explain the closing entry process and prepare the closing entries in journal form based on the information in question 3.QUESTION 3MATRIX INC. BANK RECONCILIATIONCash balance per bank$8,500Cash balance per books (general ledger)$7,320Outstanding checks$3,6000Check mailed to the bank for deposit hadnot reached the bank by the statementdate.$2,050NSF check returned by the bank foraccounts receivable$200July interest earned on the bank statement$10Check no. 700 for misc. expense clearedthe bank for $200; erroneously recordedin the Matrix books for $20Prepare a bank reconciliation.Shown the accounting entries that must be made by Matrix in journal entry and T-Account format.

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