Adjusted Trial Balance Account Title Debit Credit Cash 1,500 Accounts Receivable 1,460 Prepaid Insurance 800 Supplies 900 Equipment 5,500 Accumulated Depreciation-Equipment 550 Accounts Payable 1,300 Wages Payable 760 Owner, Capital 6,550 Owner, Drawing 1,400 Service Revenue 8,900 Wages Expense 3,000 Rent Expense 1,500 Supplies Expense 900 Utilities Expense 600 Depreciation Expense—Equipment 500 18,060 18,060
Adjusted Trial Balance Account Title Debit Credit Cash 1,500 Accounts Receivable 1,460 Prepaid Insurance 800 Supplies 900 Equipment 5,500 Accumulated Depreciation-Equipment 550 Accounts Payable 1,300 Wages Payable 760 Owner, Capital 6,550 Owner, Drawing 1,400 Service Revenue 8,900 Wages Expense 3,000 Rent Expense 1,500 Supplies Expense 900 Utilities Expense 600 Depreciation Expense—Equipment 500 18,060 18,060
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
|
Adjusted |
||
| Account Title |
Debit |
Credit |
| Cash |
1,500 |
|
| Accounts Receivable |
1,460 |
|
| Prepaid Insurance |
800 |
|
| Supplies |
900 |
|
| Equipment |
5,500 |
|
|
550 |
||
| Accounts Payable |
1,300 |
|
| Wages Payable |
760 |
|
| Owner, Capital |
6,550 |
|
| Owner, Drawing |
1,400 |
|
| Service Revenue |
8,900 |
|
| Wages Expense |
3,000 |
|
| Rent Expense |
1,500 |
|
| Supplies Expense |
900 |
|
| Utilities Expense |
600 |
|
| Depreciation Expense—Equipment |
500 |
|
|
18,060 |
18,060 |
Transcribed Image Text:**Instruction:**
From the above adjusted trial balance, journalize the necessary closing entries. Omit explanations. If an amount box does not require an entry, leave it blank.
**Table Header:**
- DATE
- ACCOUNT TITLE
- DOC. NO. / POST. REF.
- DEBIT
- CREDIT
**Content:**
1. **DATE**: Entry is noted with examples of sequential steps (a, b, c, d).
2. **ACCOUNT TITLE**: Various account titles to be selected from dropdown options indicated by downward arrows.
3. **DOC. NO. / POST. REF.**: A column for document numbers or posting references, left blank.
4. **DEBIT** & **CREDIT**: Columns provided for entering respective transaction amounts.
**Rows and Entries:**
- Rows numbered 1 to 13.
- Row 1 is titled "Closing Entries."
- Rows 2, 3, 5, 6, 8, 9, 11, and 13 are aligned for recording entries in DEBIT and/or CREDIT columns.
- Sequential reference of steps a, b, c, d correspond to specific points for action or entries.
Each row provides options for selecting account titles and inputting necessary amounts, facilitating the preparation of closing journal entries for an accounting period.
Transcribed Image Text:**2. Prepare a Post-Closing Trial Balance**
**Post-Closing Trial Balance**
| **Account Title** | **Debit** | **Credit** |
|-------------------------------------|-----------|------------|
| Cash | | |
| Accounts Receivable | | |
| Prepaid Insurance | | |
| Supplies | | |
| Equipment | | |
| Accumulated Depreciation-Equipment | | |
| Accounts Payable | | |
| Wages Payable | | |
| Owner, Capital | | |
| **Total** | $______ | $______ |
This is a template for a post-closing trial balance, which lists all account titles in a ledger with their respective debit and credit balances. The debit and credit columns are to be filled out accordingly, ensuring that the total debits equal the total credits to verify the accounting equation is balanced. This trial balance is typically prepared after all closing entries have been made at the end of an accounting period.
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