The adjusted trial balance for Dillan's Tailoring Services on December 31, 2020, appears as follows: No. Асcount Debit Credit 101 Cash. . $ 15,500 ................ 125 Store supplies.. 6,500 128 Prepaid insurance.. 3,800 167 Equipment.. 61,000 168 Accumulated depreciation, equipment... $ 19,700 201 Accounts payable... 39,400 210 Wages payable.. 6,400 301 Vy Dillan, capital. 23,300 302 Vy Dillan, withdrawals. 32,000 401 Sewing revenue...... 109,920 612 Depreciation expense, equipment. . 5,400 623 Wages expense... 61,200 637 Insurance expense.... 2,200 640 Rent expense.. 4,800 651 Store supplies expense. 2,600 690 Utilities expense... 3,720 Totals.. $198,720 $198,720 .....
The adjusted trial balance for Dillan's Tailoring Services on December 31, 2020, appears as follows: No. Асcount Debit Credit 101 Cash. . $ 15,500 ................ 125 Store supplies.. 6,500 128 Prepaid insurance.. 3,800 167 Equipment.. 61,000 168 Accumulated depreciation, equipment... $ 19,700 201 Accounts payable... 39,400 210 Wages payable.. 6,400 301 Vy Dillan, capital. 23,300 302 Vy Dillan, withdrawals. 32,000 401 Sewing revenue...... 109,920 612 Depreciation expense, equipment. . 5,400 623 Wages expense... 61,200 637 Insurance expense.... 2,200 640 Rent expense.. 4,800 651 Store supplies expense. 2,600 690 Utilities expense... 3,720 Totals.. $198,720 $198,720 .....
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
1. Prepare closing entries
2. Prepare post closing trial balance
Transcribed Image Text:Closing entries LO2, L 3, L4 Help Me
SOLVE IT
Problem 4-4B
CHECK FIGURE: 2. Post-closing trial balance = $86,800
The adjusted trial balance for Dillan's Tailoring Services on December 31,
2020, appears as follows:
No.
Аccount
Debit
Credit
101
Cash..
$ 15,500
125
Store supplies...
6,500
128
Prepaid insurance.
3,800
167
Equipment...
61,000
168
Accumulated depreciation, equipment...
$ 19,700
201
Accounts payable...
39,400
210
Wages payable.
6,400
301
Vy Dillan, capital.
23,300
302
Vy Dillan, withdrawals..
32,000
401
Sewing revenue.
109,920
612
Depreciation expense, equipment..
5,400
623
Wages expense...
61,200
637
Insurance expense.
2,200
640
Rent expense..
4,800
651
Store supplies expense...
2,600
690
Utilities expense...
3,720
Totals.. .
$198,720
$198,720
Required
1. Prepare closing entries.
2. Prepare a post-closing trial balance.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education