Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 4, Problem 4.19EX
Post-closing
An accountant prepared the following post-closing trial balance:
| Security Services Co. Post-Closing Trial Balance July 31, 2018 | ||
| Debit Balances | Credit Balances | |
| Cash.............................................................. | 41,100 | |
| Accounts Receivable............................................... | 317,400 | |
| Supplies.......................................................... | 5,000 | |
| Equipment........................................................ | 162,750 | |
| 73,300 | ||
| Accounts Payable.................................................. | 82,500 | |
| Salaries Payable................................................... | 5,500 | |
| Unearned Rent.................................................... | 12,000 | |
| Common Stock.................................................... | 65,000 | |
| 287,950 | ||
| 879,250 | 173,250 | |
Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.
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Pirates Incorporated had the following balances at the beginning of September.Pirates Incorporated had the following balances at the beginning of September.PIRATES INCORPORATED Trial Balance - September 1Accounts Debits CreditsCash $ 6,500Accounts Receivable 2,500Supplies 7,600Land 11,200Accounts Payable $7,500Notes Payable 3,000Common Stock 9,000Retained Earnings 8,300Total $27,800 $27,800The following transactions occur in September.September 1 Provide services to customers for cash, $4,700.September 2 Purchase land with a long-term note for $6,400 from Crimson Company.September 4 Receive an invoice for $500 from the local newspaper for an advertisement that appeared on September 2.September 8 Provide services to customers on account for…
An accountant prepared the following post-closing trial balance:
Security Services Co.
POST-CLOSING TRIAL BALANCE
July 31, 2018
ACCOUNT TITLE
DEBIT
CREDIT
1
Cash
47,140.00
2
Accounts Receivable
122,780.00
3
Supplies
3,700.00
4
Equipment
127,200.00
5
Accumulated Depreciation-Equipment
32,400.00
6
Accounts Payable
51,700.00
7
Salaries Payable
6,400.00
8
Unearned Rent
8,800.00
9
Common Stock
40,000.00
10
Retained Earnings
161,520.00
11
Totals
464,340.00
137,300.00
Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown in the instructions are correct.
Post-Closing Trial Balance
Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown in the instructions are correct.
Security…
Post-Closing Trial Balance
An accountant prepared the following post-closing trial balance:
Security Services Co.Post-Closing Trial BalanceJuly 31, 2018
Debit Balances
Credit Balances
Cash
12,600
Accounts Receivable
27,970
Supplies
1,760
Equipment
124,610
Accumulated Depreciation - Equipment
41,580
Accounts Payable
15,120
Salaries Payable
1,390
Unearned Rent
5,670
Common Stock
13,500
Retained Earnings
89,680
206,120
127,760
Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct. If an amount box does not require an entry, leave it blank.
Security Services Co.
Post-Closing Trial Balance
July 31, 2018
Chapter 4 Solutions
Corporate Financial Accounting
Ch. 4 - Prob. 1DQCh. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Why are closing entries required at the end of an...Ch. 4 - Prob. 6DQCh. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQCh. 4 - What is the natural business year?Ch. 4 - Recent fiscal years for several well-known...
Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Retained earnings statement Blake Knudson owns and...Ch. 4 - Classified balance sheet The following accounts...Ch. 4 - Prob. 4.4BECh. 4 - Accounting cycle From the following list of steps...Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Classifying accounts Balances for each of the...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Income statement The following account balances...Ch. 4 - Income statement; net loss The following revenue...Ch. 4 - Income statement FedEx Corporation had the...Ch. 4 - Retained earnings statement Climate Control...Ch. 4 - Retained earnings statement; net loss Selected...Ch. 4 - Classifying assets Identify each of the following...Ch. 4 - Balance sheet classification At the balance sheet...Ch. 4 - Balance sheet Dynamic Weight Loss Co. offers...Ch. 4 - Prob. 4.13EXCh. 4 - Identifying accounts to be closed From the list...Ch. 4 - Closing entries Prior to its closing, Income...Ch. 4 - Closing entries with net income After all revenue...Ch. 4 - Closing entries with net loss Rainbow Services Co....Ch. 4 - Identifying permanent accounts Which of the...Ch. 4 - Post-closing trial balance An accountant prepared...Ch. 4 - Steps in the accounting cycle Rearrange the...Ch. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.22EXCh. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.24EXCh. 4 - Prob. 4.25EXCh. 4 - Prob. 4.26EXCh. 4 - Appendix 2 Reversing entry The following adjusting...Ch. 4 - Appendix 2 Adjusting and reversing entries On the...Ch. 4 - Appendix 2 Adjusting and reversing entries On the...Ch. 4 - Appendix 2 Entries posted to wages expense account...Ch. 4 - Appendix 2 Entries posted to wages expense account...Ch. 4 - Financial statements and closing entries Lamp...Ch. 4 - Financial statements and closing entries Foxy...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - Financial statements and closing entries Last...Ch. 4 - Financial statements and closing entries The...Ch. 4 - Prob. 4.3BPRCh. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - The unadjusted trial balance of PS Music as of...Ch. 4 - Kelly Pitney began her consulting business, Kelly...Ch. 4 - Continuing Company Analysis- Amazon: Working...Ch. 4 - Under Armour: Current ratio The following year-end...Ch. 4 - Prob. 4.3ADMCh. 4 - Google and Microsoft: Current ratio Google, Inc....Ch. 4 - Prob. 4.1TIFCh. 4 - Communication Your friend, Daniel Nat, recently...
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