Problem 3-6B (Algo) Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) The year-end financial statements of Gold Hunter Financial Services are provided below. GOLD HUNTER Income Statement Service revenue Expenses: Salaries Supplies Rent Delivery Net income Beginning balance, January 1 Issue stock Net Income Dividends Ending balance, December 31. Assets Cash Accounts receivable Land Total assets Required: $49,200 9,300 7,700 3,900 GOLD HUNTER Statement of Stockholders' Equity $85,700 $6,800 9,400 112,000 70,100 $15,600 Common Stock $62,000 16,000 $128,200 $78,000 Retained Earnings $32,500 15,600 (6,200) $41,900 GOLD HUNTER Balance Sheet Total Stockholders' Equity $94,500 16,000 15,600 (6,200) $119,900 Liabilities: Accounts payable. Stockholders' Equity Common stock Retained earnings Total liabilities and equities; $78,000 41,900 $8,300 119,900 $128,200
Problem 3-6B (Algo) Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) The year-end financial statements of Gold Hunter Financial Services are provided below. GOLD HUNTER Income Statement Service revenue Expenses: Salaries Supplies Rent Delivery Net income Beginning balance, January 1 Issue stock Net Income Dividends Ending balance, December 31. Assets Cash Accounts receivable Land Total assets Required: $49,200 9,300 7,700 3,900 GOLD HUNTER Statement of Stockholders' Equity $85,700 $6,800 9,400 112,000 70,100 $15,600 Common Stock $62,000 16,000 $128,200 $78,000 Retained Earnings $32,500 15,600 (6,200) $41,900 GOLD HUNTER Balance Sheet Total Stockholders' Equity $94,500 16,000 15,600 (6,200) $119,900 Liabilities: Accounts payable. Stockholders' Equity Common stock Retained earnings Total liabilities and equities; $78,000 41,900 $8,300 119,900 $128,200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Accounting
record the entry to close the revenue accounts, the expense accounts, and and dividends account. then prepare a post closing trial balance

Transcribed Image Text:Problem 3-6B (Algo) Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7)
The year-end financial statements of Gold Hunter Financial Services are provided below.
GOLD HUNTER
Income Statement
Service revenue
Expenses:
Salaries
Supplies
Rent
Delivery
Net income
Beginning balance, January 1
Issue stock
Net Income
Dividends.
Ending balance, December 31.
Assets
Cash
Accounts receivable
Land
Total assets
Required:
$49,200
9,300
7,700
3,900
GOLD HUNTER
Statement of Stockholders' Equity
$85,700
$6,800
9,400
112,000
70,100
$15,600
Common Stock
$62,000
16,000
$128,200
$78,000
Retained
Earnings
$32,500
15,600
(6,200)
$41,900
GOLD HUNTER
Balance Sheet
Total
Stockholders'
Equity
Liabilities
Accounts payable.
$94,500
16,000
15,600
(6,200)
$119,900
Stockholders' Equity
Common stock
Retained earnings
Total liabilities and equities)
$78,000
41,900
$8,300
119,900
$128,200

Transcribed Image Text:Journal entry worksheet
<
1
2
Record the entry to close the revenue accounts.
Note: Enter debits before credits.
Date
December 31
Totals
3
Record entry
Accounts
GOLD HUNTER
Post-Closing Trial Balance
Debit
S
General Journal
Clear entry
Prepare a post-closing trial balance. (Hint: The balance or ketained Earnings will be the amount snown in the vidrice sheet.)
Credit
0 $
0
Debit
< Required 1
Credit
View general journal
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