prepare the closing journal entries based on the adjusted trial balance Section B- Prepare closing journal entries for Company JK.DateAccountDebitCredit PART 4 - Use the following adjusted trial balance to complete section A and B below.COMPANY JKADJUSTED TRIAL BALANCE12/31/2020Account title:DebitCreditCash| 30,000Accounts receivable| 20,000Office supplies9,000BuildingsAccumulated depreciation -Buildings85,00020,000Accounts payable10,000Deferred revenue5,500Interest payable (due in 1 month)100Notes payable (due in 2 years)10,000Common stock15,000Retained earnings40,000Dividends2,000Service revenue83,600Wages expense27,000Interest expense1,200Depreciation expense - Buildings10,000ΤΟΤAL184,200 184,200

PART 4 - Use the following adjusted trial balance to complete section A and B below. СОMPANY JK ADJUSTED TRIAL BALANCE 12/31/2020 Account title: Debit Credit Cash 30,000 Accounts receivable 20,000 Office supplies 9,000 85,000 Buildings Accumulated depreciation - Buildings 20,000 Accounts payable 10,000 Deferred revenue 5,500 Interest payable (due in 1 month) 100 Notes payable (due in 2 years) 10,000 Common stock 15,000 Retained earnings 40,000 Dividends 2,000 Service revenue 83,600 Wages expense 27,000 Interest expense 1,200 Depreciation expense - Buildings 10,000 ТОTAL 184,200 184,200

PART 4 - Use the following adjusted trial balance to complete section A and B below. СОMPANY JK ADJUSTED TRIAL BALANCE 12/31/2020 Account title: Debit Credit Cash 30,000 Accounts receivable 20,000 Office supplies 9,000 85,000 Buildings Accumulated depreciation - Buildings 20,000 Accounts payable 10,000 Deferred revenue 5,500 Interest payable (due in 1 month) 100 Notes payable (due in 2 years) 10,000 Common stock 15,000 Retained earnings 40,000 Dividends 2,000 Service revenue 83,600 Wages expense 27,000 Interest expense 1,200 Depreciation expense - Buildings 10,000 ТОTAL 184,200 184,200

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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Similar questions

The purpose of documenting closing entries is twofold. Who or what are they?
The complete accounting process that begins with analyzing and journalizing transactions and ends with the post-closing trial balance is referred to as the ________________________? Group of answer choices closing cycle accounting cycle deferred cycle accrued cycle
Is adjusting, closing reversing entries work sheet same thing as trial balance
Complete the worksheet by entering adjustments and prepare adjusted trial balance.
Post the adjusting entries to their respective ledger accounts already started in requirement # 2.
What account type are included in a post-closing trial balance
ME15Accounts are listed on the trial balance in: a) Chronological orderb) The order that they appear in the ledger c) Alphabetical orderd) The order in which they are posted
Adjusting Entries must be immediately be made:a.) After the journal entries have been postedb.) After the financial statements are preparedc.) After reversing and closing entries are maded.) After the trial balance are prepared
Which of these accounts IS included in the post-closing trial balance?
CLOSING ENTRIES AND POST-CLOSING TRIAL BALANCE Refer to thework sheet in Problem 6-7A for Megaffin's Repairs. The trial balanceamounts (before adjustments) have been entered in the ledger accountsprovided in the working papers. If you are not using the working papersthat accompany this book, set up ledger accounts and enter thesebalances as of January 31, 20--. A chart of accounts is provided attached. REQUIRED 1. Journalize (page 10) and post the adjusting entries.2. Journalize (page 11) and post the closing entries.3. Prepare a post-closing trial balance.
Prepare a post closing trial balance
All of the information needed to record the closing entries is found in the Income Statement section of the work sheet. Select one: True False