Using the post-closing trial balance, calculate the total assets, liabilities, and equity, and enter those amounts in the basic accounting equation.SMART TOUCH LEARNINGPost-Closing Trial BalanceDecember 31, 2016BalanceAccount Title Debit CreditCash 26,500 Accounts Receivable 5,100 Office Supplies 300 Prepaid Insurance 8,800 Prepaid Rent 8,800 Furniture 31,100 Accumulated Depreciation--Furniture 10,600Accounts Payable 14,100Salaries Payable 2,100Utilities Payable 1,000Interest Payable 1,400Unearned Revenue 26,600Bright, Capital 24,800Total 80,600 80,600

To calculate the total assets, liabilities, and equity, we first need to understand what each of these terms represents in the context of the post-closing trial balance.

1. Assets: These are resources owned by the company. In this case, the assets include Cash, Accounts Receivable, Office Supplies, Prepaid Insurance, Prepaid Rent, and Furniture. To calculate the total assets, we add up the debit amounts for these accounts:

   Cash: $26,500 Accounts Receivable:$5,100 Office Supplies: $300 Prepaid Insurance:$8,800 Prepaid Rent: $8,800 Furniture:$31,100

   Total Assets = $26,500 +$5,100 + $300 +$8,800 + $8,800 +$31,100 = $80,600

2. Liabilities: These are obligations the company owes to others. In this case, the liabilities include Accounts Payable, Salaries Payable, Utilities Payable, Interest Payable, and Unearned Revenue. To calculate the total liabilities, we add up the credit amounts for these accounts:

   Accounts Payable: $14,100 Salaries Payable:$2,100 Utilities Payable: $1,000 Interest Payable:$1,400 Unearned Revenue: $26,600

   Total Liabilities = $14,100 +$2,100 + $1,000 +$1,400 + $26,600 =$45,200

3. Equity: This is the residual interest in the assets of the entity after deducting liabilities. In this case, the equity includes Bright, Capital and Accumulated Depreciation--Furniture. To calculate the total equity, we add up the credit amounts for these accounts:

   Bright, Capital: $24,800 Accumulated Depreciation--Furniture:$10,600

   Total Equity = $24,800 +$10,600 = $35,400

Now, we can enter these amounts into the basic accounting equation, which is Assets = Liabilities + Equity:

$80,600 (Total Assets) =$45,200 (Total Liabilities) + $35,400 (Total Equity)

So, the basic accounting equation is balanced.