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:
Focusing Inward
Directing attention towards one's internal state, thoughts, and feelings, often as a method of self-reflection or personal development.
Personal Instincts
Natural or intuitive ways of acting or thinking that arise from one’s personal inclinations.
Logical-mathematical Intelligence
One of Howard Gardner's multiple intelligences, highlighting the capacity to understand logical reasoning and mathematical concepts.
Sequential Order
The arrangement of objects, events, or ideas in a linear or logical sequence, one following the other.
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