The following is the adjusted trial balance for Miller Company. Miller Company ADJUSTED TRIAL BALANCE December 31, 20-- ACCOUNT TITLE DEBIT CREDIT 1 Cash 8,130.00 2 Accounts Receivable 3,300.00 3 Prepaid Expenses 2,750.00 4 Equipment 10,400.00 5 Accumulated Depreciation 2,200.00 6 Accounts Payable 2,700.00 7 Notes Payable 1,000.00 8 Common Stock 9,200.00 9 Retained Earnings 2,000.00 10 Dividends 4,870.00 11 Fees Earned 36,600.00 12 Wages Expense 12,450.00 13 Rent Expense 4,900.00 14 Utilities Expense 3,475.00 15 Depreciation Expense 2,150.00 16 Miscellaneous Expense 1,275.00 17 Totals 53,700.00 53,700.00 Required: Prepare closing entries and the post-closing trial balance. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS Miller Company General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Expenses 16 Equipment 17 Accumulated Depreciation LIABILITIES 21 Accounts Payable 22 Notes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary REVENUE 41 Fees Earned EXPENSES 51 Wages Expense 52 Rent Expense 53 Utilities Expense 54 Depreciation Expense 55 Miscellaneous Expense General Journal Prepare closing entries on December 31. Refer to the Chart of Accounts for the exact wording of account titles. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7 8 9 10 11 12 Post-Closing Trial Balance Statement Prepare the post-closing trial balance. Miller Company POST-CLOSING TRIAL BALANCE December 31, 20-- ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Prepaid Expenses 4 Equipment 5 Accumulated Depreciation 6 Accounts Payable 7 Notes Payable 8 Common Stock 9 Retained Earnings 10 Totals

The following is the adjusted trial balance for Miller Company. Miller Company ADJUSTED TRIAL BALANCE December 31, 20-- ACCOUNT TITLE DEBIT CREDIT 1 Cash 8,130.00 2 Accounts Receivable 3,300.00 3 Prepaid Expenses 2,750.00 4 Equipment 10,400.00 5 Accumulated Depreciation 2,200.00 6 Accounts Payable 2,700.00 7 Notes Payable 1,000.00 8 Common Stock 9,200.00 9 Retained Earnings 2,000.00 10 Dividends 4,870.00 11 Fees Earned 36,600.00 12 Wages Expense 12,450.00 13 Rent Expense 4,900.00 14 Utilities Expense 3,475.00 15 Depreciation Expense 2,150.00 16 Miscellaneous Expense 1,275.00 17 Totals 53,700.00 53,700.00 Required: Prepare closing entries and the post-closing trial balance. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS Miller Company General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Expenses 16 Equipment 17 Accumulated Depreciation LIABILITIES 21 Accounts Payable 22 Notes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary REVENUE 41 Fees Earned EXPENSES 51 Wages Expense 52 Rent Expense 53 Utilities Expense 54 Depreciation Expense 55 Miscellaneous Expense General Journal Prepare closing entries on December 31. Refer to the Chart of Accounts for the exact wording of account titles. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7 8 9 10 11 12 Post-Closing Trial Balance Statement Prepare the post-closing trial balance. Miller Company POST-CLOSING TRIAL BALANCE December 31, 20-- ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Prepaid Expenses 4 Equipment 5 Accumulated Depreciation 6 Accounts Payable 7 Notes Payable 8 Common Stock 9 Retained Earnings 10 Totals

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

100%

The following is the adjusted trial balance for Miller Company.

Miller Company

ADJUSTED TRIAL BALANCE

December 31, 20--

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	8,130.00
2	Accounts Receivable	3,300.00
3	Prepaid Expenses	2,750.00
4	Equipment	10,400.00
5	Accumulated Depreciation		2,200.00
6	Accounts Payable		2,700.00
7	Notes Payable		1,000.00
8	Common Stock		9,200.00
9	Retained Earnings		2,000.00
10	Dividends	4,870.00
11	Fees Earned		36,600.00
12	Wages Expense	12,450.00
13	Rent Expense	4,900.00
14	Utilities Expense	3,475.00
15	Depreciation Expense	2,150.00
16	Miscellaneous Expense	1,275.00
17	Totals	53,700.00	53,700.00

	Required:
	Prepare closing entries and the post-closing trial balance. Refer to the Chart of Accounts for exact wording of account titles.

Chart of Accounts

CHART OF ACCOUNTS

Miller Company

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Prepaid Expenses
16	Equipment
17	Accumulated Depreciation

	LIABILITIES
21	Accounts Payable
22	Notes Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends
34	Income Summary

	REVENUE
41	Fees Earned

	EXPENSES
51	Wages Expense
52	Rent Expense
53	Utilities Expense
54	Depreciation Expense
55	Miscellaneous Expense

General Journal

Prepare closing entries on December 31. Refer to the Chart of Accounts for the exact wording of account titles.

PAGE 1

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
3
4
5
6
7
8
9
10
11
12

Post-Closing Trial Balance Statement

Prepare the post-closing trial balance.

Miller Company

POST-CLOSING TRIAL BALANCE

December 31, 20--

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash
2	Accounts Receivable
3	Prepaid Expenses
4	Equipment
5	Accumulated Depreciation
6	Accounts Payable
7	Notes Payable
8	Common Stock
9	Retained Earnings
10	Totals

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.