Name Problem 1- Put a check in the column to denote whether the account is "Permanent or Real" or is "Temporary or Nominal" Permanent or Real Temporary or Nominal Cash Salaries Expense Rent Revenue Accounts Payable Dividends Supplies Expense Inventory Common Stock Problem 2- The adjusted trial balance shown below is for Rich Company at the end of its fiscal year: RICH COMPANY Trial Balance March 31, 2017 Credit Cash Accounts Receivable Debit $ 12,900 9,400 ....*. ....... Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue 700 2,500 16,000 *..... *..*** $ 4,800 5,800 1,100 600 ....... *.......*... Common Stock 15,000 Retained Earnings 5,600 Dividends 5,800 Service Revenue 34,600 14,400 Rent Revenue Salaries and Wages Expense. Supplies Expense Rent Expense Insurance Expense Depreciation Expense. 18,100 ....... ..... 1,800 12,000 1,500 1,200 $81.900 $81.900 Instructions: 1. On a separate piece of paper, prepare the closing entries for the temporary accounts at March 31. 2. On a separate piece of paper, prepare the post-closing trial balance at March 31.

Name Problem 1- Put a check in the column to denote whether the account is "Permanent or Real" or is "Temporary or Nominal" Permanent or Real Temporary or Nominal Cash Salaries Expense Rent Revenue Accounts Payable Dividends Supplies Expense Inventory Common Stock Problem 2- The adjusted trial balance shown below is for Rich Company at the end of its fiscal year: RICH COMPANY Trial Balance March 31, 2017 Credit Cash Accounts Receivable Debit $ 12,900 9,400 ..... ....... Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue 700 2,500 16,000 ..... *..*** $ 4,800 5,800 1,100 600 ....... .......... Common Stock 15,000 Retained Earnings 5,600 Dividends 5,800 Service Revenue 34,600 14,400 Rent Revenue Salaries and Wages Expense. Supplies Expense Rent Expense Insurance Expense Depreciation Expense. 18,100 ....... ..... 1,800 12,000 1,500 1,200 $81.900 $81.900 Instructions: 1. On a separate piece of paper, prepare the closing entries for the temporary accounts at March 31. 2. On a separate piece of paper, prepare the post-closing trial balance at March 31.

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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