Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Chapter 3, Problem 53BP
Preparing closing entries and a post-closing
The April 30,2018, adjusted trial balance of The Grind Finale, Inc., is shown below.
| The Grind Finale, Inc. Adjusted Trial Balance April 30, 2018 |
||||
| ACCOUNT | DEBIT | CREDIT | ||
| Cash | $ 5,600 | |||
| Accounts Receivable | 700 | |||
| Prepaid Rent | 2,300 | |||
| Supplies | 450 | |||
| Equipment | 35,000 | |||
| Accumulated |
$ 2,700 | |||
| Accounts Payable | 900 | |||
| Unearned Service Revenue | 300 | |||
| Salaries Payable | 525 | |||
| Notes Payable | 4,000 | |||
| Common Stock | 8,500 | |||
| 19,355 | ||||
| Dividends | 4,500 | |||
| Service Revenue | 41,300 | |||
| Interest Revenue | 185 | |||
| Salaries Expense | 21,900 | |||
| Rent Expense | 5,500 | |||
| Depreciation Expense, Equipment | 1,650 | |||
| Utilities Expense | 415 | |||
| Supplies Expense | 250 | |||
| Total | $78,265 | $78,265 | ||
Requirements
- 1. Prepare the April closing entries for The Grind Finale, Inc.
- 2. Calculate the ending balance in Retained Earnings.
- 3. Prepare a post-closing trial balance.
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Learning Objective 3
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Chapter 3 Solutions
Financial Accounting, Student Value Edition (5th Edition)
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