From the following accounts (not in order), prepare a post-closing trial balance for Whitbold Co. on May 31, 201X. Note: These balances are before closing. (Click the icon to view the accounts.) Whitbold Co. Post-Closing Trial Balance May 31, 201X Data Table Account Debit Credit Cash $ 36,000 Accounts Receivable 22,575 Accounts Receivable 24 22,575 P. Whitbold, Capital 45,485 Legal Supplies 4,100 Legal Supplies 4,100 P. Whitbold, Withdrawals 3,500 Office Equipment 51,000 Office Equipment 51,000 Legal Fees Earned 28,000 Accounts Payable $ 47,000 Repair Expense 2,300 Accounts Payable 47,000 P. Whitbold, Capital 66,675 Salaries Expense 1,010 Cash 36,000 $ 113,675 $ 113,675 Totals Print Done
From the following accounts (not in order), prepare a post-closing trial balance for Whitbold Co. on May 31, 201X. Note: These balances are before closing. (Click the icon to view the accounts.) Whitbold Co. Post-Closing Trial Balance May 31, 201X Data Table Account Debit Credit Cash $ 36,000 Accounts Receivable 22,575 Accounts Receivable 24 22,575 P. Whitbold, Capital 45,485 Legal Supplies 4,100 Legal Supplies 4,100 P. Whitbold, Withdrawals 3,500 Office Equipment 51,000 Office Equipment 51,000 Legal Fees Earned 28,000 Accounts Payable $ 47,000 Repair Expense 2,300 Accounts Payable 47,000 P. Whitbold, Capital 66,675 Salaries Expense 1,010 Cash 36,000 $ 113,675 $ 113,675 Totals Print Done
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Using the picture for reference, why would the capital account result in 66,675 if the data table shows a seperate number?
Transcribed Image Text:From the following accounts (not in order), prepare a post-closing trial balance for Whitbold Co. on May 31, 201X. Note: These balances are before closing.
(Click the icon to view the accounts.)
Whitbold Co.
Post-Closing Trial Balance
May 31, 201X
Data Table
Account
Debit
Credit
Cash
$
36,000
Accounts Receivable
22,575
Accounts Receivable
24
22,575
P. Whitbold, Capital
45,485
Legal Supplies
4,100
Legal Supplies
4,100
P. Whitbold, Withdrawals
3,500
Office Equipment
51,000
Office Equipment
51,000
Legal Fees Earned
28,000
Accounts Payable
$ 47,000
Repair Expense
2,300
Accounts Payable
47,000
P. Whitbold, Capital
66,675
Salaries Expense
1,010
Cash
36,000
$ 113,675 $ 113,675
Totals
Print
Done
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education