Problem 3-6A Record closing entries and prepare a post-closing trial balance (LO6, 7) [The following information applies to the questions displayed below.] The year-end financial statements of Rattlers Tax Services are provided below. RATTLERS TAX SERVICES Income Statement Service revenue Expenses: Salaries Utilities Insurance Supplies Net Income Beginning balance, Jan 1 Issue stock Net income Dividends Assets Ending balance, Dec. 31 Total assets $44,500 6,700 Cash Accounts receivable Land RATTLERS TAX SERVICES Statement of Stockholders' Equity Common Retained Stock Earnings $45,000 $23,000 15,000 Date December 31 $70,000 4,300 1,350 56,850 $ 13.150 Accounts Totals $60,000 done $ 3,200 5,700 90,000 13,150 (4.500) $ 31,650 $98,900 Journal Entry Worksheet 100 RATTLERS TAX SERVICES Balance Sheet Total Stockholders' Equity view transaction list view general journal $68,000 15,000 13,150 (4,500) $ 91,650 Accounts payable. Stockholders' Equity: Required: 1. Record year-end closing entries. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) Record the entry to close the revenue accounts. Liabilities Common stock Retained earnings Total liabilities and equities General Journal RATTLERS TAX SERVICES Post-Closing Trial Balance Debit clear entry $60,000 31,650 Debit Credit $ 7,250 Credit Problem 3-6A Part 2 2. Prepare a post-closing trial balance. (Hint: The balance of Retained Earnings will be the amount shown in the balance sheet.) 91,650 $98,900 *Enter debits before credits record entry
Problem 3-6A Record closing entries and prepare a post-closing trial balance (LO6, 7) [The following information applies to the questions displayed below.] The year-end financial statements of Rattlers Tax Services are provided below. RATTLERS TAX SERVICES Income Statement Service revenue Expenses: Salaries Utilities Insurance Supplies Net Income Beginning balance, Jan 1 Issue stock Net income Dividends Assets Ending balance, Dec. 31 Total assets $44,500 6,700 Cash Accounts receivable Land RATTLERS TAX SERVICES Statement of Stockholders' Equity Common Retained Stock Earnings $45,000 $23,000 15,000 Date December 31 $70,000 4,300 1,350 56,850 $ 13.150 Accounts Totals $60,000 done $ 3,200 5,700 90,000 13,150 (4.500) $ 31,650 $98,900 Journal Entry Worksheet 100 RATTLERS TAX SERVICES Balance Sheet Total Stockholders' Equity view transaction list view general journal $68,000 15,000 13,150 (4,500) $ 91,650 Accounts payable. Stockholders' Equity: Required: 1. Record year-end closing entries. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) Record the entry to close the revenue accounts. Liabilities Common stock Retained earnings Total liabilities and equities General Journal RATTLERS TAX SERVICES Post-Closing Trial Balance Debit clear entry $60,000 31,650 Debit Credit $ 7,250 Credit Problem 3-6A Part 2 2. Prepare a post-closing trial balance. (Hint: The balance of Retained Earnings will be the amount shown in the balance sheet.) 91,650 $98,900 *Enter debits before credits record entry
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Problem 3-6A Record closing entries and prepare a post-closing trial balance (LO6, 7)
[The following information applies to the questions displayed below.]
The year-end financial statements of Rattlers Tax Services are provided below.
RATTLERS TAX SERVICES
Income Statement
Service revenue
Expenses:
Salaries
Utilities
Insurance.
Supplies
Net Income.
Beginning balance, Jan
1
Issue stock
Net income
Dividends
Assets
Ending balance, Dec. 31
Total assets
Cash
Accounts receivable
Land
$44,500
6,700
4,300
1,350 56,850
$ 13.150
RATTLERS TAX SERVICES
Statement of Stockholders' Equity
Retained
Common
Stock
Earnings
$23,000
Date
December
31
$70,000
Accounts
Totals
$45,000
15,000
$60,000
done
Problem 3-6A Part 2
$ 3,200
5,700
90,000
13,150
(4,500)
$ 31,650
$98,900
RATTLERS TAX SERVICES
Balance Sheet
Total
Stockholders' Equity
view transaction list view general journal
Journal Entry Worksheet
100
$68,000
15,000
13,150
(4,500)
$ 91,650
Accounts payable
Stockholders' Equity:
Required:
1. Record year-end closing entries. (If no entry is required for a particular transaction/event, select
"No journal entry required" in the first account field.)
Record the entry to close the revenue accounts.
Liabilities.
Common stock
Retained earnings
Total liabilities and equities
General Journal
RATTLERS TAX SERVICES
Post-Closing Trial Balance
Debit
$60,000
31,650
clear entry
Credit
$ 7,250
Debit Credit
2. Prepare a post-closing trial balance. (Hint: The balance of Retained Earnings will be the amount shown
in the balance sheet.)
91,650
$98,900
*Enter debits before credits
record entry](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9df4c6b6-831a-466d-b9f9-cc798fa9167e%2F22828c06-755c-42a6-a8b1-bd84fdc2a602%2Fvuz0o4y_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 3-6A Record closing entries and prepare a post-closing trial balance (LO6, 7)
[The following information applies to the questions displayed below.]
The year-end financial statements of Rattlers Tax Services are provided below.
RATTLERS TAX SERVICES
Income Statement
Service revenue
Expenses:
Salaries
Utilities
Insurance.
Supplies
Net Income.
Beginning balance, Jan
1
Issue stock
Net income
Dividends
Assets
Ending balance, Dec. 31
Total assets
Cash
Accounts receivable
Land
$44,500
6,700
4,300
1,350 56,850
$ 13.150
RATTLERS TAX SERVICES
Statement of Stockholders' Equity
Retained
Common
Stock
Earnings
$23,000
Date
December
31
$70,000
Accounts
Totals
$45,000
15,000
$60,000
done
Problem 3-6A Part 2
$ 3,200
5,700
90,000
13,150
(4,500)
$ 31,650
$98,900
RATTLERS TAX SERVICES
Balance Sheet
Total
Stockholders' Equity
view transaction list view general journal
Journal Entry Worksheet
100
$68,000
15,000
13,150
(4,500)
$ 91,650
Accounts payable
Stockholders' Equity:
Required:
1. Record year-end closing entries. (If no entry is required for a particular transaction/event, select
"No journal entry required" in the first account field.)
Record the entry to close the revenue accounts.
Liabilities.
Common stock
Retained earnings
Total liabilities and equities
General Journal
RATTLERS TAX SERVICES
Post-Closing Trial Balance
Debit
$60,000
31,650
clear entry
Credit
$ 7,250
Debit Credit
2. Prepare a post-closing trial balance. (Hint: The balance of Retained Earnings will be the amount shown
in the balance sheet.)
91,650
$98,900
*Enter debits before credits
record entry
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