1)Gerdes Psychological Services Inc

1)Gerdes Psychological Services Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company's year-end adjusted trial balance dated December 31, 2011, follows: Gerdes Psychological Services Adjusted trial balance December 31, 2011 Details Dr. S Cr. S Cash $ 12,200 Account Receivables 31,000 Camping Supplies 7.900 Unexpired insurance policies 2,400 Equipment 70,000 Accumulated depreciation: $ 60,000 equipment Notes payable 18,000 Accounts payable 9.500 Capital stock 25,000 Retained earnings 15,000 Dividends 1,000 Services revenue earned Your Registration no. Salary expense 87.500 Camping Supply expense 1,200 Insurance expense 9,600 Depreciation expense: equipment 5,000 Interest expense 1,700 Total $229,500 $229,500 a) Prepare an Income Statement. b) Statement of Retained Earnings for the year ended December 31, 2011. c) Also prepare the Balance Sheet dated December 31, 2011. Part II-CLO: 2, Total 10 Marks Q. No. 2 (Data given above) a) Prepare the necessary Closing Journal entries at December 31, 2011. b) Prepare an After-Closing Trial Balance dated December 31.