From the following accounts (not in order), prepare a post-closing trial balance for Whitbold Co. on May 31, 201X. Note: These balances are before closing. (Click the icon to view the accounts.) Whitbold Co. Post-Closing Trial Balance May 31, 201X Data Table Account Debit Credit Cash $ 36,000 Accounts Receivable 22,575 Accounts Receivable 24 22,575 P. Whitbold, Capital 45,485 Legal Supplies 4,100 Legal Supplies 4,100 P. Whitbold, Withdrawals 3,500 Office Equipment 51,000 Office Equipment 51,000 Legal Fees Earned 28,000 Accounts Payable $ 47,000 Repair Expense 2,300 Accounts Payable 47,000 P. Whitbold, Capital 66,675 Salaries Expense 1,010 Cash 36,000 $ 113,675 $ 113,675 Totals Print Done

From the following accounts (not in order), prepare a post-closing trial balance for Whitbold Co. on May 31, 201X. Note: These balances are before closing. (Click the icon to view the accounts.) Whitbold Co. Post-Closing Trial Balance May 31, 201X Data Table Account Debit Credit Cash $ 36,000 Accounts Receivable 22,575 Accounts Receivable 24 22,575 P. Whitbold, Capital 45,485 Legal Supplies 4,100 Legal Supplies 4,100 P. Whitbold, Withdrawals 3,500 Office Equipment 51,000 Office Equipment 51,000 Legal Fees Earned 28,000 Accounts Payable $ 47,000 Repair Expense 2,300 Accounts Payable 47,000 P. Whitbold, Capital 66,675 Salaries Expense 1,010 Cash 36,000 $ 113,675 $ 113,675 Totals Print Done

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 9EB: Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance....

See similar textbooks

Similar questions

As of December 31, the end of the current year, the ledger of Harris Company contained the following account balances after adjustment. All accounts have normal balances. Journalize the closing entries.
The trial balance of Jillson Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab. Merchandise Inventory at December 31, 54,845.00. c. Store supplies inventory (on hand), 488.50. d. Insurance expired, 680. e. Salaries accrued, 692. f. Depreciation of store equipment, 3,760. Required Complete the work sheet after entering the account names and balances onto the work sheet.
The ledger accounts after adjusting entries for Cortez Services are presented below. a. Journalize the following closing entries and number as steps 1 through 4. b. What is the new balance of J. Cortez, Capital after closing? Show your calculations.
On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services. During the period, the company completed $3,500 of the agreed-on services for the client. There was no beginning balance in the Unearned Revenue account for the period. Based on the information provided, A. Make the December 31 adjusting journal entry to bring the balances to correct. B. Show the impact that these transactions had.
The trial balance of Hadden Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab.Merchandise Inventory at December 31, 64,742.80. c.Store supplies inventory (on hand), 420.20. d.Insurance expired, 738. e.Salaries accrued, 684.50. f.Depreciation of store equipment, 3,620. Required Complete the work sheet after entering the account names and balances onto the work sheet.
Prepare journal entries to record the following transactions. Create a T-account for Unearned Revenue, post any entries that affect the account, tally ending balance for the account (assume Unearned Revenue beginning balance of $12,500). A. May 1, collected an advance payment from client, $15,000 B. December 31, remaining unearned advances, $7,500
Prior to its closing, Income Summary had total debits of 1,190,500 and total credits of 1,476,300. Briefly explain the purpose served by the income summary account and the nature of the entries that resulted in the 1,190,500 and the 1,476,300.
Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and tally ending balance for the account. Assume an Accounts Payable beginning balance of $5,000. A. February 2, purchased an asset, merchandise inventory, on account, $30,000 B. March 10, paid creditor for part of February purchase, $12,000
For each of the following accounts, identify whether it would be closed at year-end (yes or no) and on which financial statement the account would be reported (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Accounts Payable B. Accounts Receivable C. Cash D. Dividends E. Fees Earned Revenue F. Insurance Expense G. Prepaid Insurance H. Supplies
On September 1, a company received an advance rental payment of $12,000, to cover six months rent on an office building. There was no beginning balance in the Unearned Rent account for the period. Based on the information provided, A. Make the December 31 adjusting journal entry to bring the balances to correct. B. Show the impact that these transactions had.
Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and calculate the ending balance for the account. Assume an Accounts Payable beginning balance of $7,500. A. May 12, purchased merchandise inventory on account. $9,200 B. June 10, paid creditor for part of previous months purchase, $11,350
The following accounts appear in the ledger of Celso and Company as of June 30, the end of this fiscal year. The data needed for the adjustments on June 30 are as follows: ab.Merchandise inventory, June 30, 54,600. c.Insurance expired for the year, 475. d.Depreciation for the year, 4,380. e.Accrued wages on June 30, 1,492. f.Supplies on hand at the end of the year, 100. Required 1. Prepare a work sheet for the fiscal year ended June 30. Ignore this step if using CLGL. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entry as of July 1, for the wages that were accrued in the June adjusting entry. Check Figure Net income, 14,066