Pioneer Advertising Agency Inc. has assembled the following information regarding the adjusted trial balance:
Pioneer Advertising Agency Inc.
Adjusted trial balance
December 31, 2019
Account Debit Credit
Cash $8,600
Accounts Receivable 14,000
Equipment 45,000
Insurance expense 2,700
Salaries and Wages expense 30,000
Supplies expense 3,700
Advertising expense 1,900
Rent expense 1,500
Utilities expense 1,700
Notes payable 20,000
Accounts payable 9,000
Share capital 22,000
Sales revenue 52,100
Service revenue 6,000
Total $109,100 $109,100
Account Debit Credit
Cash $80,000
Accounts Receivable 74,000
Allowance for doubtful account $1,600
Supplies 10,000
Prepaid Insurance 5,500
Equipment 50,000
Accumulated depreciation- Equipment 400
Notes Payable 50,000
Accounts Payable 25,000
Unearned Service Revenue 8,000
Salaries and Wages payable 6,000
Interest payable 500
Common stock 100,000
Retained earnings -
Dividends 5,000
Service Revenue 106,000
Salaries and Wages expense 46,000
Supplies expense 15,000
Rent expense 9,000
Insurance expense 500
Interest expense 500
Depreciation expense 400
Bad debt expense 1,600
Total $297,500 $297,500
Requirements: (Marks 8+5+2=15)

a. Give closing entries.
b. Prepare post-closing trial balance.
c. What is real and nominal account? Explain with examples