**Post-Closing Trial Balance**The post-closing trial balance shows all the permanent accounts with their updated values after the temporary accounts have been reduced to a zero balance for the next accounting cycle. Also, the post-closing trial balance is meant to ensure that debits equal credits post-close.Roscoe is very happy with your work on the closing entries for Chandler Company and asks if you would prepare a post-closing trial balance for the company. *How does grading work?*Shaded cells have feedback. # Adjusted Trial Balance**Introduction:**Before the closing entries are made, an adjusted trial balance is prepared. This shows the balances of all accounts at the end of an accounting period and is used to ensure that debits equal credits after adjustments.## Chandler Company**Adjusted Trial Balance** *December 31, 2018*| Account Title | Debit | Credit ||-------------------------------------------|-----------|-----------|| Cash | 73,000.00 | || Accounts Receivable | 29,000.00 | || Prepaid Insurance | 16,000.00 | || Equipment | 60,000.00 | || Accumulated Depreciation-Equipment | | 40,000.00 || Accounts Payable | | 6,000.00 || Salaries Payable | | 8,000.00 || Income Taxes Payable | | 4,000.00 || Roscoe Chandler, Capital | | 27,000.00 || Roscoe Chandler, Drawing | 5,000.00 | || Fees Earned | | 165,600.00 || Rent Revenue | | 92,000.00 || Interest Revenue | | 17,200.00 || Salaries Expense | 71,000.00 | || Selling Expense | 25,600.00 | || Income Taxes Expense | 15,000.00 | || Depreciation Expense-Equipment | 4,200.00 | || Insurance Expense | 1,700.00 | || Miscellaneous Expense | 1,000.00 | || **Totals** | **359,800.00** | **359,800.00** |**Explanation:**The trial balance ensures that total debits equal total credits, indicating that the ledger is balanced. Entries are adjusted for accrued and deferred items, and depreciation is accounted for before the closing process.

In post-closing trail balance all income and expenses are closed and debit and credit to income…

Post-Closing Trial Balance Shac The post-dosing trial balance shows all the permanent sccounis with their updated values after the temporary accounts have been reduced to zero balance for the next Also, the posl-dozing trial balance is meant lo ensure that debilsequal credits pt dlose. Roscoe is very happy with your work on the closing entries for Chandler Company, and asks if you would prepare a post-cilosing trial balance for the company. 中

Post-Closing Trial Balance Shac The post-dosing trial balance shows all the permanent sccounis with their updated values after the temporary accounts have been reduced to zero balance for the next Also, the posl-dozing trial balance is meant lo ensure that debilsequal credits pt dlose. Roscoe is very happy with your work on the closing entries for Chandler Company, and asks if you would prepare a post-cilosing trial balance for the company. 中

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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Knowledge Check 01\\n\\nWhat is the purpose of an adjusted trial balance?\\n\\n \\n\\nmultiple choice\\nAn adjusted trial balance is prepared to check that the accounting records are still in balance, after having posted all recurring daily transactions to the T-accounts.\\nAn adjusted trial balance is prepared to check that the accounting records are still in balance, after having posted all adjusting entries to the T-accounts.\\nIf an adjusted trial balance is prepared, there is no need to post the adjusting entries to the T-accounts.\\nAn adjusted trial balance takes the place of financial statements.
Multiple Select Question Select all that apply Select the statements below that describe the purpose of a post-closing trial balance. (Check all that apply.) ☐One purpose is to verify that total debits equal total credits for all temporary accounts. One purpose is to verify that all permanent accounts have zero balances. One purpose is to confirm that if debits equal credits then no errors in journalizing and positing occurred during the period. □ One purpose is to verify that all temporary accounts have zero balances. ☐One purpose is to verify that total debits equal total credit for permanent accounts.
balance. Use the closing entry numbers as posting references to post each closing entry to the relevant accounts, then compute the ending balance of each account Label the ending balances with End. Bal. (For accounts with a 50 ending balance, select "End. Bal." and enter "0" on the normal balance side of the t-account.) Review the closing entries you prepared above. Adj. Bal. Closing entry 1 End. Bal. Adj. Bal Closing entry 1 End. Bal. Adj. Bal Closing entry 1 End. Bal. Closing entry 1 Closing entry 2 End. Bal. Closing entry 1 Closing entry 2 End. Bal. Cash 1,734,900 0 0 Supplies 250,000 0 0 360,000 0 0 Equipment 0 0 Accounts Payable 1,275,000 1,734,000 0 0 280.000 0 Closing entry 2 O Closing entry 3 End. Bal. 250,000 Wages Payable 0 Closing entry 2 0 Closing entry 3 End. Bal. 0 Closing entry 2 0 Closing entry 3 360,000 End. Bal. 1,275,000 Adj. Bal. 0 Closing entry 3 0 End. Bal. 280,000 Adj. Bal. 0 Closing entry 3 0 End. Bal. Adj. Bal. Closing entry 1 End. Bal. Adj. Bal. Closing entry…
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.…
The answer I was given was 3,836 which was incorrect. Could you please recalculate. Thank you.
ADJUSTING ENTRIES. PROBLEM ON THE PROVISION FOR UNCOLLECTIBLE ACCOUNTS Thank youu soo mucchh!
ADJUSTED TRIAL BALANCE Account Account Debit Credit no. title 101 cash 83,400 accounts receivable Prepaid Advertising Prepaid Insurance office supplies Furniture and Equipment Accumulated Depreciation Accounts Payable Accrued rent 102 8,900 104 2,400 105 5,500 106 1,600 108 75000 109 7500 201 30000 202 4,000 expenses Accrued interest 203 10,800 expense un earned legal fees loans payable john lloyd cruz, capital john lloyd |cruz, drawing | legal fees salaries expenses rent expenses 4,000 Advertising expenses Utilities expenses insurance |supplies expenses depreciation7500 miscellaneous 1000 204 5,000 205 60,000 301 60000 302 12000 401 44400 501 5500 502 503 1,200 504 1,500 505 500 506 900 507 509 expenses interest 10800 510 |еxpenses ТОTAL 12,21,700 2,21,700
23. Prepare closing entries rom the following end-of period spreadsheet. Austin Entergrises Fadof Peried Spreadsheet For the Year Eaded December JI Adnted Trial Balance Credit Income Statement Debt Balance Sheet Deb 26.500 7000 Account Titie Crede Debit Crede 26,500 7,000 1,000 18300 Cash Accounts Receivable Supplies Equipment Accumalated Depr 18.500 5.000 5.000 Accoures Payabie Wages Payable Common Stock Retained arnings Dividends Eees Earmed Wages Eapense Rest Esgeme Depreciation Eapense Toals Net omeLo) 11,000 100 6.000 2.000 1000 1,000 6.000 2.000 2.000 2,000 59.500 59.500 19,000 7.000 3.00 19000 7000 3.300 .500 .500 29,500 20.0 59.500 5.000 25,000 20.000
Instructions Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co as of May 1, 20Y7 (unless otherwise indicated), are as follows: 110 Cash $83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 652,400 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation-Store Equipment 56,700 210 Accounts Payable 96,600 211 Customer Refunds Payable 50,000 212 Salaries Payable 310 Lynn Tolley, Capital, June 1, 20Y6 685,300 311 Lynn Tolley, Drawing 135,000 410 Sales 5,069,000 510 Cost of Merchandise Sold 2,823,000 520 Sales Salaries Expense 664,800 521 Advertising Expense 281,000 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 12,600 530 Office Salaries Expense 382,100 83,700 531 Rent Expense 532 Insurance Expense 7 800 539 Miscellaneous Administrative Exnense Record the following transactions on page 20 of the journal.…
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.
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Enter the adjusted balances in the T-accounts. 2. Write the closing entries on a journal page. Number each journal entry (e.g., CJE-1). Use proper form. 3. Post the closing entries to the T-accounts. Next to the posting, instead of the date, show CJE and the entry number (e.g. CJE1). 4. Prepare a post-closing trial balance.