Assuming the following Adjusted Trial Balance:Adjusted Trial Balance DebitCreditCash$22,900 Prepaid Insurance5,000 Fixed Assets47,000 Notes Payable $40,000Common Stock 28,000Retained Earnings 48,350Dividends24,000 Sales Revenue 154,000Automobile Expense26,500 Insurance Expense20,000 Salaries Expense123,500 Supplies Expense1,450 $270,350$270,350Create 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. The image displays a template for a Post-Closing Trial Balance. Here's a detailed explanation:### Post-Closing Trial Balance Template:This template is used to list the remaining balances of ledger accounts after closing entries have been made, ensuring that total debits equal total credits.#### Structure:- **Column Headers:** - **Debit** - **Credit**- **Rows:** - Several rows are available for entering accounts with their respective debit or credit balances. - Each row has two main fields: one for debit amounts and another for credit amounts, both with a dollar sign symbol indicating currency.- **Totals:** - At the bottom of the columns, there are fields reserved for the total amounts of debits and credits.This layout helps ensure that all accounts have been accurately adjusted and closed as part of the accounting cycle.

Post-closing trial balance is prepared after all the adjustment entries and closing entries. Under…

Answered: Assuming the following Adjusted Trial…

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 Adjusted Trial Balance:

Adjusted Trial Balance
	Debit	Credit
Cash	$22,900
Prepaid Insurance	5,000
Fixed Assets	47,000
Notes Payable		$40,000
Common Stock		28,000
Retained Earnings		48,350
Dividends	24,000
Sales Revenue		154,000
Automobile Expense	26,500
Insurance Expense	20,000
Salaries Expense	123,500
Supplies Expense	1,450
	$270,350	$270,350

Create 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.

The image displays a template for a Post-Closing Trial Balance. Here's a detailed explanation:

### Post-Closing Trial Balance Template:

This template is used to list the remaining balances of ledger accounts after closing entries have been made, ensuring that total debits equal total credits.

#### Structure:

- **Column Headers:**
- **Debit**
- **Credit**

- **Rows:**
- Several rows are available for entering accounts with their respective debit or credit balances.
- Each row has two main fields: one for debit amounts and another for credit amounts, both with a dollar sign symbol indicating currency.

- **Totals:**
- At the bottom of the columns, there are fields reserved for the total amounts of debits and credits.

This layout helps ensure that all accounts have been accurately adjusted and closed as part of the accounting cycle.

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