Chapter 3, Problem 53BP

Preparing closing entries and a post-closing trial balance (Learning Objective 4) 20-25 min.

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 Depreciation, Equipment		$ 2,700
		Accounts Payable		900
		Unearned Service Revenue		300
		Salaries Payable		525
		Notes Payable		4,000
		Common Stock		8,500
		Retained Earnings		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. 1. Prepare the April closing entries for The Grind Finale, Inc.
2. 2. Calculate the ending balance in Retained Earnings.
3. 3. Prepare a post-closing trial balance.