Presented below are the year-end balances at December 31 of Laura's Laundry Service. (All accounts have normal balances.) 
(a) Prepare the necessary closing entries at December 31.
(b) Prepare a post-closing trial balance at December 31.
Definitions:
Related Parties
Parties are considered related if one party has the ability to control or significantly influence the financial and operational decisions of another.
Non-executive Directors
Individuals who sit on a company's board but are not part of the day-to-day management, often providing independent oversight.
Related Party Transactions
Financial dealings between parties that have a relationship with the entity, which can include transactions with family members, key management personnel, or major shareholders.
Borrowed Money
Funds that are obtained through loans from banks, financial institutions, or other sources that must be repaid over time with interest.
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