**PA9. LO 5.2** Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that would result, after all closing journal entries were made and posted:**Adjusted Trial Balance**| Account | Debit ($) | Credit ($) ||------------------------|-----------|------------|| Cash | 22,900 | || Prepaid Insurance | 4,000 | || Fixed Assets | 44,000 | || Notes Payable | | 40,000 || Common Stock | | 25,000 || Retained Earnings | | 48,350 || Dividends | 22,000 | || Sales Revenue | | 150,000 || Automobile Expense | 26,500 | || Insurance Expense | 20,000 | || Salaries Expense | 122,500 | || Supplies Expense | 1,450 | || **Total** | 263,350 | 263,350 |This table represents the adjusted trial balance, which lists all the account balances, both debits and credits, ensuring they are equal before closing entries. The aim is to prepare a post-closing trial balance by closing out temporary accounts, such as revenues and expenses, transferring their balances to retained earnings, resulting in only permanent accounts remaining open.

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

PA9. LO 5.2 Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that woul result, after all closing journal entries were made and posted: Adjusted Trial Balance Debit Credit Cash $ 22,900 4,000 44,000 Prepaid Insurance Fixed Assets Notes Payable $ 40,000 Common Stock 25,000 48,350 Retained Earnings Dividends 22,000 Sales Revenue 150,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense 26,500 20,000 122,500 1,450 $263,350 $263,350

PA9. LO 5.2 Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that woul result, after all closing journal entries were made and posted: Adjusted Trial Balance Debit Credit Cash $ 22,900 4,000 44,000 Prepaid Insurance Fixed Assets Notes Payable $ 40,000 Common Stock 25,000 48,350 Retained Earnings Dividends 22,000 Sales Revenue 150,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense 26,500 20,000 122,500 1,450 $263,350 $263,350

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A9
Please help me prepare a T-Account.
adjustment (using a + or - to indicate an increase or decrease), and the balance of the For each of the above situations, show the accounts affected, the amount of the TNT all all a 5.4 64 4:08 GLOBE K/s Edit 88 50 Problem #11 Determining Adjustments de trial balance for Rosalie Balhag Cleaners appears as follows: Rosalie Balhag Cleaners Trial Balance Sept. 30, 2019 Cash P 117,880 Accounts Receivable 264,940 Prepaid Insurance Cleaning Supplies Land 34,000 73,740 180,000 1,850,000 Building Accumulated Depreciation-Building Accounts Payable Unearned Cleaning Revenues Mortgage Payable Balhag, Capital Balhag, Withdrawals Cleaning Revenues Salaries Expense Cleaning Equipment Rental Expense Delivery Truck Expense P 456,000 204,000 16,000 1,100,000 565,600 100,000 1,576,340 1,013,300 60,000 43,740 Interest Expense 110,000 Other Expenses 70,340 P3,917,940 P3,917,940 The following information is also available: a. A review of insurance policies showed that P6,800 is unexpired at the year-end.…
PA5. LO 5.1 Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books: Adjusted Trial Balance Debit Credit Cash $ 22,900 Prepaid Insurance Fixed Assets 4,000 44,000 Notes Payable $ 40,000 Common Stock 25,000 Retained Earnings Dividends 48,350 22,000 Sales Revenue 150,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense 26,500 20,000 122,500 1,450 $263,350 $263,350
M4-14 through M4-17 (Algo) Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries [LO 4-4, LO 4-5] Skip to question [The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,260 Accounts Receivable 2,300 Prepaid Insurance 2,600 Notes Receivable (long-term) 3,300 Equipment 13,500 Accumulated Depreciation $ 3,200 Accounts Payable 5,720 Salaries and Wages Payable 1,150 Income Taxes Payable 3,200 Deferred Revenue 660 Common Stock 2,700 Retained Earnings 1,120 Dividends 330 Sales Revenue 44,730 Rent Revenue 330 Salaries and Wages Expense 22,200 Depreciation Expense 1,600 Utilities Expense 4,520 Insurance Expense 1,700 Rent Expense 6,300 Income Tax Expense 3,200 Total $ 62,810 $ 62,810 M4-17 (Algo)…
PA10. LO 4.3Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500). March 1, paid interest due on note, $2,500 December 31, interest accrued on note payable, $4,250
Current Attempt in Progress Kingbird, Inc's trial balance at the end of its first month of operations reported the following accounts and amounts with normal balances: Cash Prepaid insurance Accounts receivable Accounts payable Notes payable Common stock Dividends Revenues Expenses $18240 O $35910 O $37050 O $36480 O $37620 570 2850 2280 3420 5700 570 25080 14250 Total credits on Kingbird, Inc's trial balance are
LO 5.1 The following selected accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Accounts receivable $45,000 4,500 50,000 39,000 55,000 12,000 2,000 65,000 34,500 12,750 1,250 Prepaid insurance Land Accounts payable Notes payable Retained earnings Dividends Fees earned revenue Selling expenses Administrative expenses Miscellaneous expense Solution Date Account / Explanation Debit Credit
The following are trial balance and adjustment data for Zubair's Shop on December 31,2010Particulars Debit CreditCash 9,200Accounts Receivable 21,400Inventory Jan 1 3,200Prepaid Rent 1,800Furniture 12,000Accumulated Depreciation 2,400Unearned Commission 3,600Capital, Zain 48,400Sales 30,000Sales Discount 300Purchases 32,000Purchases Return 500Transportation-in 500Salaries Expenses 3,300Rent Expenses 1,200Additional Information• Account receivable was expected to realize Rs. 20,000• Book value of furniture was estimated at Rs.9,000• Rent was prepaid to the extent of Rs.600• Commission earned during the year amounted to Rs. 2,400• Actual Salaries expenses for the year amounted Rs. 4,800 • Merchandise Inventory on December 31,2010 was valued at Rs. 8,800Requireda) Prepared Income Statement for the year ended December 31, 2021 (5)b) Prepared Balance Sheet as on December 31, 2021
URGENT1. Reconstruct the adjusting entries made. 2. Complete the 10-column worksheet.
202.
PA8. LO 4.3Use the following account T-balances (assume normal balances) and correct balance information to make the December 31 adjusting journal entries.