7. Assuming the following Adjusted Trial Balance, recreate the Post-Closing Trial Balance thatwould result after all closing journal entries were made and posted:Adjusted Trial BalanceDebitCreditCash$17,900Accounts Receivable9,9001,6002,500SuppliesPrepaid InsuranceSalaries PayableCommon StockRetained EarningsDividends$ 8,60010,0002,8004,000Service Fee Revenue37,050Salaries Expense16,9004,200Supplies ExpenseInsurance Expense1,450$58,450$58.450

7. Assuming the following Adjusted Trial Balance, recreate the Post-Closing Trial Balance that would result after all closing journal entries were made and posted: Adjusted Trial Balance Debit Credit Cash $17,900 Accounts Receivable 9,900 1,600 Supplies Prepaid Insurance Salaries Payable 2,500 $ 8,600 Common Stock 10,000 Retained Earnings Dividends 2,800 4,000 Service Fee Revenue 37,050 Salaries Expense Supplies Expense Insurance Expense 16,900 4,200 1,450 $58,450 $58,450

7. Assuming the following Adjusted Trial Balance, recreate the Post-Closing Trial Balance that would result after all closing journal entries were made and posted: Adjusted Trial Balance Debit Credit Cash $17,900 Accounts Receivable 9,900 1,600 Supplies Prepaid Insurance Salaries Payable 2,500 $ 8,600 Common Stock 10,000 Retained Earnings Dividends 2,800 4,000 Service Fee Revenue 37,050 Salaries Expense Supplies Expense Insurance Expense 16,900 4,200 1,450 $58,450 $58,450

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Adjustments needed: Salaries due to administrative employees, but unpaid at period end, $2,000 Insurance still unexpired at end of the period, $12,000
Use the following Adjusted Trial Balance to prepare a classified Balance Sheet: Adjusted Trial Balance. Cash 16,500 debit. Accounts receivable 17,200 debit. Supplies 2,200 debit. Prepaid insurance 2,100 debit. Equipment 14,000 debit. Accounts payable 14,200 credit. Unearned fee revenue 4,300 credit. Common stock 30,000 credit. Service fee revenue 21,500 credit. Salaries expense 12,000 debit. Rent expense 6,000 debit. Total debits and total credits 70,000.
Please help prepare the following!
Assuming the following Adjusted Trial Balance: Adjusted Trial Balance Debit Credit Cash $17,900 Accounts Receivable 10,900 Supplies 1,800 Prepaid Insurance 2,300 Salaries Payable $8,600 Common Stock 12,000 Retained Earnings 2,800 Dividends 4,000 Service Fee Revenue 35,650 Salaries Expense 16,500 Supplies Expense 4,200 Insurance Expense 1,450 $59,050 $59,050 Recreate the Post-Closing Trial Balance that would result after all closing journal entries were made and posted. If an amount box does not require an entry, leave it blank. Post-Closing Trial Balance Debit Credit Cash Prepaid Insurance Retained Earnings Supplies Expense Supplies
1. Write your Closing Entries. 2. Write your post-closing Trial Balance.
Closing Entries The adjusted trial balance prepared as of December 31 contains the following accounts. Use the information provided below to prepare journal entries to close the accounts using the Income Summary account. After these entries are posted, what is the balance in the Retained Earnings account? Debit Credit Service Fees Earned $91,000ccdefrtv Rent Expense $20, 800 Salaries Expense 52, 000 Supplies Expense 6, 000 Depreciation Expense S 11, 300 Retained Earnings $72,000 Dividends $10, 000
Enter the adjusted balances in the T-accounts.2. Write the closing entries on a journal page. Number each journal entry (e.g., CJE-1) and use proper form.
The following selected accounts and normal balances existed at year-end. Record the journal entries required to close the books
Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). If an amount box does not require an entry, leave it blank. Accounts Payable $11,100 Accounts Receivable 17,600 Administrative Expense 59,000 Cash 46,000 Common Stock 33,000 Prepaid Insurance 16,300 Service Revenue 94,800 Adjustments needed: • Salaries due to administrative employees, but unpaid at period end, $2,300. • Insurance still unexpired at end of the period, $12,200.
Selected accounts from Bennett Company's adjusted trial balance for the year ended December 31 follow. Prepaid rent $ 1,100 Accounts payable $ 2,600 Accounts receivable 10,500 Allowance for doubtful accounts 600 Cash 13,000 Notes payable (due in 10 years) 6,100 Common stock 5,500 Notes receivable (due in 4 years) 4,100 Retained earnings 13,900 Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the company's balance sheet.
Sheridan Company shows the following balances in selected accounts of its adjusted trial balance. Supplies $24,320 Supplies Expense 4,560 Accounts Receivable 9,120 Dividends 16.720 Retained Earnings 53,200 Service Revenue 82,080 Salaries and Wages Expense 30,400 Utilities Expense 6,080 Rent Expense 13,680 Prepare the remaining closing entries at December 31. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 Dec. 31 Dec. 31 Dec. 31 (To close revenue account to Income Summary) (To close expense accounts to Income Summary) (To close net income to retained earnings) (To close dividends to retained earnings) Debit Credit
Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that would result, after all closing journal entries were made and posted: Adjusted Trial Balance Асcount Debit Credit Cash $22,900 Prepaid Insurance $4,000 Fixed Assets $44,000 Notes Payable $40,000 Common Stock $25,000 Retained Earnings $48,350 Dividends $22,000 Sales Revenue $150,000 Automobile Expense $26,500 Insurance Expense $20,000 Salaries Expense $122,500 Supplies Expense $1,450 $263,350 $263,350 PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Post-Closing Trial Balance Асcount Debit Credit