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

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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Question

Accounting

record the entry to close the revenue accounts, the expense accounts, and and dividends account. then prepare a post closing trial balance

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

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

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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