Sunland Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash $ 3,620 Accounts Receivable 3,840 Supplies 470 Accounts Payable $2,000 Unearned Service Revenue 180 Owner's Capital 3,420 Owner's Drawings 440 Service Revenue 5,680 Salaries and Wages Expense 1,400 Miscellaneous Expense 200 Supplies Expense 1,750 Salaries and Wages Payable 440 $ 11,720 $11,720 Prepare closing entries at June 30, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. (To close revenue account) 2.
Sunland Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash $ 3,620 Accounts Receivable 3,840 Supplies 470 Accounts Payable $2,000 Unearned Service Revenue 180 Owner's Capital 3,420 Owner's Drawings 440 Service Revenue 5,680 Salaries and Wages Expense 1,400 Miscellaneous Expense 200 Supplies Expense 1,750 Salaries and Wages Payable 440 $ 11,720 $11,720 Prepare closing entries at June 30, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. (To close revenue account) 2.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Below is the transcription of the image intended for an educational website, along with a detailed description of the diagram.
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### Closing Accounts and Preparing a Post-Closing Trial Balance
#### Closing Entries:
1. **Closing Expense Accounts**
- Spaces for debits and credits entries to zero out expense accounts.
3. **Closing Net Income/Loss**
- Spaces for debits and credits entries to adjust for net income or net loss.
4. **Closing Drawings**
- Spaces for debits and credits entries to close out drawing accounts.
- **Button:** List of Accounts
### Diagram: Post-Closing Trial Balance
**Prepare a post-closing trial balance.**
#### SUNLAND COMPANY
- **Post-Closing Trial Balance**
This chart provides spaces for debits and credits as follows:
- **Debit Entries**
- Several blank spaces for different account entries.
- Dollar sign placeholder for each entry.
- **Credit Entries**
- Corresponding blank spaces for each account.
- Dollar sign placeholder for each entry.
This section is designed for entering final debit and credit balances after closing all temporary accounts to ensure that total debits equal total credits, an essential aspect of maintaining balanced financial records.
---
This transcription and explanation are for educational purposes, guiding students in understanding how to document and balance financial accounts post-closing.
Transcribed Image Text:**Sunland Company: Adjusted Trial Balance for the Month Ended June 30, 2020**
**Adjusted Trial Balance**
| Account Titles | Debit | Credit |
|-------------------------------|---------|---------|
| Cash | $3,620 | |
| Accounts Receivable | $3,840 | |
| Supplies | $470 | |
| Accounts Payable | | $2,000 |
| Unearned Service Revenue | | $180 |
| Owner’s Capital | | $3,420 |
| Owner’s Drawings | $440 | |
| Service Revenue | | $5,680 |
| Salaries and Wages Expense | $1,400 | |
| Miscellaneous Expense | $200 | |
| Supplies Expense | $1,750 | |
| Salaries and Wages Payable | | $440 |
| **Total** | $11,720 | $11,720 |
---
**Prepare Closing Entries at June 30, 2020**
*(Credit account titles are automatically indented when amount is entered. Do not indent manually.)*
| No. | Account Titles and Explanation | Debit | Credit |
|-----|--------------------------------|-------|--------|
| 1. | | | |
| | | | |
| | *(To close revenue account)* | | |
| 2. | | | |
| | | | |
---
**Explanation:**
This table represents the adjusted trial balance for Sunland Company as of June 30, 2020. It includes account titles with their respective debit and credit balances, ensuring that the total debits equal total credits, both summing to $11,720.
Below the trial balance, space is provided for preparing closing entries, with specific instructions indicating that credit account titles will be automatically indented. This section is crucial for concluding the accounting period by closing temporary accounts, like revenues and expenses, into permanent accounts.
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