King Company had the following adjusted trial balance: Account Titles Debit Cash $28,050 Accounts Receivable 17,390 Supplies 9,660 Equipment 37,400 Accumulated $8,100 Depreciation Accounts Payable 3,270 Deferred Rent Revenue 2,350 Capital Stock 30,180 Retained Earnings 23,700 Dividends 16,800 Commission Revenue 55,200 Rent Revenue 7,000 Depreciation Expense 6,400 Utilities Expense 8,800 Supplies Expense 5,300 Total $129,800 $129,800 The president of King Company has asked you to close the books (prepare and process the closing entries). Credit 7

King Company had the following adjusted trial balance: Account Titles Debit Cash $28,050 Accounts Receivable 17,390 Supplies 9,660 Equipment 37,400 Accumulated $8,100 Depreciation Accounts Payable 3,270 Deferred Rent Revenue 2,350 Capital Stock 30,180 Retained Earnings 23,700 Dividends 16,800 Commission Revenue 55,200 Rent Revenue 7,000 Depreciation Expense 6,400 Utilities Expense 8,800 Supplies Expense 5,300 Total $129,800 $129,800 The president of King Company has asked you to close the books (prepare and process the closing entries). Credit 7

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 18PB: From the following Company Z adjusted trial balance, prepare simple financial statements, as...

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Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Adjustments needed: Physical count of supplies inventory remaining at end of period, $2,150 Taxes payable at end of period, $3,850
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