Assuming the following Adjusted Trial Balance, recreate the Post-Closing Trial Balance that would result after all closing journal entries were made and posted:Materials Adjusted Trial BalanceDebitCreditCash$17,900Accounts Receivable9,900SuppliesPrepaid InsuranceSalaries Payable1,6002,500$ 8,600Common Stock10,000Retained Earnings2,800Dividends4,000Service Fee Revenue37,050Salaries ExpenseSupplies ExpenseInsurance Expense16,9004,2001,450$58,450$58,450

Answered: Assuming the following Adjusted Trial…

Assuming the following Adjusted Trial Balance, recreate the Post-Closing Trial Balance that would result after all closing journal entries were made and posted

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

Assuming the following Adjusted Trial Balance, recreate the Post-Closing Trial Balance that would result after all closing journal entries were made and posted:

Materials

Adjusted Trial Balance
Debit
Credit
Cash
$17,900
Accounts Receivable
9,900
Supplies
Prepaid Insurance
Salaries Payable
1,600
2,500
$ 8,600
Common Stock
10,000
Retained Earnings
2,800
Dividends
4,000
Service Fee Revenue
37,050
Salaries Expense
Supplies Expense
Insurance Expense
16,900
4,200
1,450
$58,450
$58,450

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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Trial balance represented the debit balance and credit balance of all accounts.

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