### Adjusted Trial Balance of Business Solutions as of December 31, 2019 Below is the adjusted trial balance reflecting transactions from October through December of 2019: | No. | Account Title | Debit ($) | Credit ($) | |------|-------------------------------------------------------|------------|------------| | 101 | Cash | 48,372 | | | 106 | Accounts Receivable | 5,668 | | | 126 | Computer Supplies | 580 | | | 128 | Prepaid Insurance | 1,665 | | | 131 | Prepaid Rent | 825 | | | 163 | Office Equipment | 8,000 | | | 164 | Accumulated Depreciation—Office Equipment | | 400 | | 167 | Computer Equipment | 20,000 | | | 168 | Accumulated Depreciation—Computer Equipment | | 1,250 | | 201 | Accounts Payable | | 1,100 | | 210 | Wages Payable | | 500 | | 236 | Unearned Computer Services Revenue | | 1,500 | | 301 | S. Rey, Capital | | 73,000 | | 302 | S. Rey, Withdrawals | 7,100 | | | 403 | Computer Services Revenue | | 31,284 | | 612 | Depreciation Expense—Office Equipment | 400 | | | 613 | Depreciation Expense—Computer Equipment | 1,250 | | | 623 | Wages Expense | 3,875 | | | 637 | Insurance Expense | 555 | | | 640 | Rent Expense | 2,475 | | | 652 | Computer Supplies Expense | 3,065 | | | 655 | Advertising Expense | 2,753 | | | 676 | Mileage Expense | 896 | | | 677 | Miscellaneous Expenses | 250 | | |

### Adjusted Trial Balance of Business Solutions as of December 31, 2019 Below is the adjusted trial balance reflecting transactions from October through December of 2019: | No. | Account Title | Debit ($) | Credit ($) | |------|-------------------------------------------------------|------------|------------| | 101 | Cash | 48,372 | | | 106 | Accounts Receivable | 5,668 | | | 126 | Computer Supplies | 580 | | | 128 | Prepaid Insurance | 1,665 | | | 131 | Prepaid Rent | 825 | | | 163 | Office Equipment | 8,000 | | | 164 | Accumulated Depreciation—Office Equipment | | 400 | | 167 | Computer Equipment | 20,000 | | | 168 | Accumulated Depreciation—Computer Equipment | | 1,250 | | 201 | Accounts Payable | | 1,100 | | 210 | Wages Payable | | 500 | | 236 | Unearned Computer Services Revenue | | 1,500 | | 301 | S. Rey, Capital | | 73,000 | | 302 | S. Rey, Withdrawals | 7,100 | | | 403 | Computer Services Revenue | | 31,284 | | 612 | Depreciation Expense—Office Equipment | 400 | | | 613 | Depreciation Expense—Computer Equipment | 1,250 | | | 623 | Wages Expense | 3,875 | | | 637 | Insurance Expense | 555 | | | 640 | Rent Expense | 2,475 | | | 652 | Computer Supplies Expense | 3,065 | | | 655 | Advertising Expense | 2,753 | | | 676 | Mileage Expense | 896 | | | 677 | Miscellaneous Expenses | 250 | | |

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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Question

### Adjusted Trial Balance of Business Solutions as of December 31, 2019

Below is the adjusted trial balance reflecting transactions from October through December of 2019:

| No. | Account Title | Debit ($) | Credit ($) |
|------|-------------------------------------------------------|------------|------------|
| 101 | Cash | 48,372 | |
| 106 | Accounts Receivable | 5,668 | |
| 126 | Computer Supplies | 580 | |
| 128 | Prepaid Insurance | 1,665 | |
| 131 | Prepaid Rent | 825 | |
| 163 | Office Equipment | 8,000 | |
| 164 | Accumulated Depreciation—Office Equipment | | 400 |
| 167 | Computer Equipment | 20,000 | |
| 168 | Accumulated Depreciation—Computer Equipment | | 1,250 |
| 201 | Accounts Payable | | 1,100 |
| 210 | Wages Payable | | 500 |
| 236 | Unearned Computer Services Revenue | | 1,500 |
| 301 | S. Rey, Capital | | 73,000 |
| 302 | S. Rey, Withdrawals | 7,100 | |
| 403 | Computer Services Revenue | | 31,284 |
| 612 | Depreciation Expense—Office Equipment | 400 | |
| 613 | Depreciation Expense—Computer Equipment | 1,250 | |
| 623 | Wages Expense | 3,875 | |
| 637 | Insurance Expense | 555 | |
| 640 | Rent Expense | 2,475 | |
| 652 | Computer Supplies Expense | 3,065 | |
| 655 | Advertising Expense | 2,753 | |
| 676 | Mileage Expense | 896 | |
| 677 | Miscellaneous Expenses | 250 | |
|

Expert Solution

Step 1

Closing entries: These entries are passed to close the revenues, expenses, income/loss and any withdrawals to the capital account.

Post closing trial balance: It is the trial balance prepared after entries to close the revenues, expenses, net income and withdrawals are passed. This trial balance reports assets, liabilities and owner’s equity