The year-end adjusted trial balance of Hilltoppers Corporation included the following account balances: Cash, $3,300; Equipment, $15,300; Accounts Payable, $1,300; Common Stock, $12,000; Retained Earnings, $3,800; Dividends, $1,200; Service Revenue, $14,300; Salaries Expense, $9,300; and Utilities Expense, $2,300. Prepare the post-closing trial balance.

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is