1. Using EXCEL => Set up "T – Accounts" for each account listed in the Campln Inc. Post-Closing Trial Balance.
"T-Account" example for several accounts.
Assets
Cash
Accounts Receivable
Inventory
Beg
$ 750,000
Beg $ 450,000
Beg $
1,200,000
The following Post-Closing Trial Balance is available in EXCEL.
Campln Inc.
Post Closing Trial Balance
12/31/2020
Debit
Credit
Cash
750,000
Accounts Receivable
450,000
Allowance for Doubtful Accounts
$
10,000
Prepaid Insurance
100,000
Inventory
1,200,000
Equipment
4,500,000
Accumulated Depreciation - Equipment
1,350,000
Building
850,000
Accumulated Depreciation - Building
$4
250,000
Land
1,100,000
Accounts Payable
Salaries Payable
375,000
50,000
1,400,000
2,250,000
6,000
Mortgage Payable
$
Long-Term Debt
Common Stock - Par
$0.01
APIC
$
2,994,000
Retained Earnings
$
265,000
8,950,000
8,950,000
$4
