Presented below is an adjusted trial balance for Simon Company, at December 31, 2010. 
Instructions
(a) Prepare closing entries for December 31, 2010.
(b) Determine the balance in M. Simon's capital account after the entries have been posted.
Definitions:
Individuality
The distinct characteristics and qualities that make a person unique.
Recovery
The process of returning to a normal state of health, mind, or strength after exertion, illness, or injury.
Cardiorespiratory Endurance
The ability of the heart, lungs, and circulatory system to efficiently supply oxygen during sustained physical activity.
Muscular Endurance
The ability of a muscle or muscle group to perform repeated contractions against a force for an extended period.
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