Kristen Company ended its fiscal year on July 31, 2014. The company’s adjusted trial balance as of the end of its fiscal year is as shown below.Kristen CompanyAdjusted Trial BalanceJuly 31, 2014No.Account TitlesDebitsCredits101Cash$ 9,840112Accounts Receivable8,140157Equipment15,900167Accumulated Depreciation—Equip.$ 5,400201Accounts Payable2,220208Unearned Rent Revenue3,800311Common Stock18,000320Retained Earnings20,260332Dividends12,000404Service Revenue64,000429Rent Revenue6,500711Depreciation Expense3,700720Salaries and Wages Expense55,700732Utilities Expense14,900$120,180$120,180Instructions(a) Prepare the closing entries.(b) Post to Retained Earnings and No. 350 Income Summary accounts.(c) Prepare a post-closing trial balance at July 31.