Assuming the following Adjusted Trial Balance: Adjusted Trial Balance Debit Credit Cash $19,900 Accounts Receivable 9,900 Supplies 1,800 Prepaid Insurance 2,000 Salaries Payable $8,600 Common Stock 11,000 Retained Earnings 2,800 Dividends 4,000 Service Fee Revenue 37,350 Salaries Expense 16,500 Supplies Expense 4,200 Insurance Expense 1,450 $59,750 $59,750 Recreate 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.

Assuming the following Adjusted Trial Balance: Adjusted Trial Balance Debit Credit Cash $19,900 Accounts Receivable 9,900 Supplies 1,800 Prepaid Insurance 2,000 Salaries Payable $8,600 Common Stock 11,000 Retained Earnings 2,800 Dividends 4,000 Service Fee Revenue 37,350 Salaries Expense 16,500 Supplies Expense 4,200 Insurance Expense 1,450 $59,750 $59,750 Recreate 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.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section16.4: Recording Closing Entries For Income Statement Accounts

Problem 1OYO

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Assuming the following Adjusted Trial Balance: Adjusted Trial Balance Debit Credit Cash $19,900 Accounts Receivable 10,900 Supplies 1,700 Prepaid Insurance 2,400 Salaries Payable $8,600 Common Stock 12,000 Retained Earnings 2,800 Dividends 4,000 Service Fee Revenue 38,150 Salaries Expense 17,000 Supplies Expense 4,200 Insurance Expense 1,450 $61,550 $61,550 Recreate 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. Post-Closing Trial Debit Credit $ $ $ $
Post the closing entries to the general ledger in RED order and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. the normal balance side. Date Accounts Debit Credit Dec. 31 Service Revenue 20,800 Retained Earnings 20,800 Date Accounts Debit Credit Dec. 31 Retained Earnings 9,590 Salaries Expense 6,600 Depreciation Expense - Furniture 200 Insurance Expense 450 Utilities Expense 230 Rent Expense 2,000 Supplies Expense 110 Date Accounts Debit Credit Dec. 31 Retained Earnings 4,200 Dividends 4,200 Retained Earnings Account No. 315 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning…
Assuming the following Adjusted Trial Balance: Adjusted Trial Balance Debit Credit Cash $22,900 Prepaid Insurance 5,000 Fixed Assets 47,000 Notes Payable $40,000 Common Stock 28,000 Retained Earnings 48,350 Dividends 24,000 Sales Revenue 154,000 Automobile Expense 26,500 Insurance Expense 20,000 Salaries Expense 123,500 Supplies Expense 1,450 $270,350 $270,350 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.
From the following Company R adjusted trial balance, prepare the following:Income StatementRetained Earnings StatementBalance Sheet (simple—unclassified)Closing journal entriesPost-Closing Trial Balance Adjusted Trial Balance. Cash 44,000 debit. Accounts receivable 13,800 debit. Prepaid insurance 6,400 debit. Land 16,000 debit. Accounts payable 14,900 credit. Salaries payable 4,500 credit. Common stock 31,000 credit. Retained earnings 10,200 credit. Dividends 12,000 debit. Service Revenue 86,000 credit. Insurance expense 7,600 debit. Salaries expense 32,000 debit. Miscellaneous expense 14,800 debit. Total debits and total credits 146,000.
Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that would result, after all closing journal entries were made and posted: Adjusted tril balance debit credit cash 22,900 prepaid insurance 4,000 fixed assets 44,000 notes payable 40,000 common stock 25,000 retained earnings 48,350 dividends 22,000 salesrevenue 150,000 automobile expense 26,500 insurance expense 20,000 salaries expense 122,500 supplies expense 1,450 $263,350 $263,350
Use the following information to answer Exercises E5-23 through E5-25. The adjusted trial balance of Quality Office Systems at March 31, 2018, follows: Journalizing closing entries Requirements Journalize the required dosing entries at March 31, 2018. Set up T-accounts for Income Summary; Retained Earnings; and Dividends. Post the closing entries to the T-accounts, and calculate their ending balances. How much was Quality Office’s net income or net loss?
Help with closing journal entries, thank you Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Retained Earnings Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 48,000 48,000 48,000 Merchandise Inventory 14,700 14,700 14,700 39,500 39,500 Supplies Inventory 7,600 6,600 1,000 1,000 Accounts Receivable 72,000 72,000 72,000 Allowances for Uncollectible Accounts Receivable 2,600 2,600 2,600 Notes Receivable 79,000 79,000 79,000 Allowances for Uncollectible Notes Receivables 2,200 2,200 2,200 Prepaid Insurance 7,000 7,000 7,000 PP&E 1,530,000 1,530,000 1,530,000 Accumulated Depreciation (PP&E) 282,000 282,000 282,000 Patents 5,500 5,500 5,500 Accounts Payable 53,200…
7. Assuming the following Adjusted Trial Balance, recreate the Post-Closing Trial Balance that would result after all closing journal entries were made and posted: Adjusted Trial Balance Debit Credit Cash $ 17,900 Accounts Receivable $ 9,900 Supplies $ 1,600 PrePaid Insurance $ 2,500 Salaries Payable $ 8,600 Common Stock $ 10,000 Retained Earnings $ 2,800 Dividends $ 4,000 Service Fee Revenue $ 37,050 Salaries Expense $ 16,900 Supplies Expense $ 4,200 Insurance Expense $ 1,450 $ 58,450 $ 58,450
From the following Company R adjusted trial balance, prepare the following: Page 355 (search bar 365) A. Income Statement B. Retained Earnings Statement C. Balance Sheet (simple—unclassified) D. Closing journal entries E. Post-Closing Trial Balance Adjusted Trial Balance Details Debit ($) Credit ($) Cash 44000 Accounts receivable 13800 Prepaid insurance 6400 Land 16000 Accounts payable 14900 Salaries payable 4500 Common stock 31000 Retained Earnings 10200 Dividends 12000 Service revenue 86000 Insurance expense 7600 Salaries expense 32000 Miscellaneous expense 14800 146,600 146,600
Let's select two accounts from an Adjusted Trial Balance: Accounts receivable (Dr. balance $12,000) and Fees earned (Cr. balance $150,000). What will be the balance in each account after closing entries are posted? Accounts receivable and Fees Earned
Dog Which of the following accounts is zero'd out in closing entries? A. Prepaid AdvertisingB. Cost of Goods SoldC. Long-term DebtD. Wages Payable
Take, for example, the following two accounts from an Adjusted Trial Balance: Accounts receivable (Dr. balance $12,000) and Fees earned (Cr. blanche $150,000). The amount in each account once the closing entries have been posted will be the following: Accounts receivable are those that have not been paid yet. $ Fees received in the amount of $

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Adjusted Trial Balance
	Debit	Credit
Cash	$19,900
Accounts Receivable	9,900
Supplies	1,800
Prepaid Insurance	2,000
Salaries Payable		$8,600
Common Stock		11,000
Retained Earnings		2,800
Dividends	4,000
Service Fee Revenue		37,350
Salaries Expense	16,500
Supplies Expense	4,200
Insurance Expense	1,450
	$59,750	$59,750