Assuming the following Adjusted Trial Balance: Adjusted Trial Balance Debit Credit Cash $23,900 Prepaid Insurance 4,000 Fixed Assets 45,000 Notes Payable $40,000 Common Stock 26,000 Retained Earnings 48,350 Dividends 22,000 Sales Revenue 152,000 Automobile Expense 26,500 Insurance Expense 20,000 Salaries Expense 123,500 Supplies Expense 1,450 $266,350 $266,350 Create the Post-Closing Trial Balance that would result, after all closing journal entries were made and posted. If an amount box does not require an entry, leave it blank.

Question
Assuming the following Adjusted Trial Balance:
Adjusted Trial Balance
Debit
Credit
Cash
$23,900
Prepaid Insurance
4,000
Fixed Assets
45,000
Notes Payable
$40,000
Common Stock
26,000
Retained Earnings
48,350
Dividends
22,000
Sales Revenue
152,000
Automobile Expense
26,500
Insurance Expense
20,000
Salaries Expense
123,500
Supplies Expense
1,450
$266,350
$266,350
Create the Post-Closing Trial Balance that would result,
after all closing journal entries were made and posted. If an
amount box does not require an entry, leave it blank.
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Transcribed Image Text

Assuming the following Adjusted Trial Balance: Adjusted Trial Balance Debit Credit Cash $23,900 Prepaid Insurance 4,000 Fixed Assets 45,000 Notes Payable $40,000 Common Stock 26,000 Retained Earnings 48,350 Dividends 22,000 Sales Revenue 152,000 Automobile Expense 26,500 Insurance Expense 20,000 Salaries Expense 123,500 Supplies Expense 1,450 $266,350 $266,350 Create the Post-Closing Trial Balance that would result, after all closing journal entries were made and posted. If an amount box does not require an entry, leave it blank.

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Trial Balance and Adjustement Entries

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