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The next two questions are based on the following information :` At the end of its first year of operations , after adjustments were properly...
Answer questions 22-23 please don't understand the process and steps to get there.
The next two questions are based on the following information :`At the end of its first year of operations , after adjustments were properly recorded , Tolland Inc. had the following adjusted account balances :Prepaid Rent3, 000Accumulated Depreciation - Trucks6, 000Insurance Expense4, 0.00Interest Expense4, 0.00Supplies Expense8, 000Accounts Receivable39, 00 0Accounts Payable11, 000Unearned Revenue1, 0.00Service Revenue161, 000Prepaid Insurance2, 000Trucks66, 00.0Wages Expense28, 0006. 000Wages Payable6, 000Depreciation ExpenseDividends ( declared & paid by Tolland )3, 000Common Stock51, 00.0Interest Revenue*2, 000Cash5,000Each of these accounts has the normal debit or credit balance .In preparing the closing entries , the DEBIT to the Income Summary account to close expenses will be*22AL$ 114, 000B .$ 1 10, 000C .$ 1 17, 000D.$ 120, 000E .None of the aboveAfter all the necessary closing entries are made , the post- closing trial balance of Tolland, Inc . would have a CREDIT balance of23 .A$ 109, 000B .$ 238, 000C .$ 66, 000D.$ 1 15, 000None of the above