At March 31, 2014, account balances after adjustments for Maddux Cinema are as follows: 
Instructions
a. Prepare the closing journal entries for Maddux Cinema.
b. Prepare a post-closing trial balance.
Definitions:
Business Risk
The potential for financial loss or failure inherent in the operation of a business, influenced by market, industry, and internal factors.
Firm's Profits
The financial gain made by a company after deducting all expenses, costs, and taxes from its total revenue.
Guaranteed Payments
Payments that a partner receives from a partnership regardless of the partnership's income, similar to a salary for services or use of capital.
Consumer Sovereignty
Consumer sovereignty is the theory that consumer preferences and needs drive the production decisions, market offerings, and direction of an economy.
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