Account Normal Balance Cash $12,980 Retained Earnings $13,505 Salaries Expense $53,750 Service Fee Revenue $118,570 Accounts Receivable $14,530 Utilities Expense $13,450 Supplies $6,875 Accounts Payable $15,635 Prepaid Insurance $14,200 Insurance Expense $18,695 Unearned Fee Revenue $4,300 Common Stock $100,000 Rent Expense $24,000 Dividends $4,500 Equipment $123,650 Mortgage Payable $34,620

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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Assuming the following accounts and their normal balances are shown after all adjusting journal entries were made and posted.

Create the Post-Closing Trial Balance that would result, after all closing journal entries were made and posted.

When listing accounts for each category, you are to insert them in the order in which they are listed here. If used, type in the account names exactly as written here.

Account
Normal Balance
Cash
$12,980
Retained Earnings
$13,505
Salaries Expense
$53,750
Service Fee Revenue
$118,570
Accounts Receivable
$14,530
Utilities Expense
$13,450
Supplies
$6,875
Accounts Payable
$15,635
Prepaid Insurance
$14,200
Insurance Expense
$18,695
Unearned Fee Revenue
$4,300
Common Stock
$100,000
Rent Expense
$24,000
Dividends
$4,500
Equipment
$123,650
Mortgage Payable
$34,620
Transcribed Image Text:Account Normal Balance Cash $12,980 Retained Earnings $13,505 Salaries Expense $53,750 Service Fee Revenue $118,570 Accounts Receivable $14,530 Utilities Expense $13,450 Supplies $6,875 Accounts Payable $15,635 Prepaid Insurance $14,200 Insurance Expense $18,695 Unearned Fee Revenue $4,300 Common Stock $100,000 Rent Expense $24,000 Dividends $4,500 Equipment $123,650 Mortgage Payable $34,620
Post-Closing Trial Balance:
Account
Debit
Credit
Cash
$12,980
Retained Earnir
$13,505
Divedends
$4,500
Common Stock
$100,000
Rent Expense
$24,000
Service Fee Rev
$118,570
Accounts Payał
$15,635
Unearned Fee F
$4,300
Equipment
$4,500
Accounts Recei
$14,530
$154,985
$157,535
Transcribed Image Text:Post-Closing Trial Balance: Account Debit Credit Cash $12,980 Retained Earnir $13,505 Divedends $4,500 Common Stock $100,000 Rent Expense $24,000 Service Fee Rev $118,570 Accounts Payał $15,635 Unearned Fee F $4,300 Equipment $4,500 Accounts Recei $14,530 $154,985 $157,535
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Closing Entries -

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