The adjusted trial balance of Tiger Company appears below. Using the information from the adjusted trail balance and the financial statements prepared in question 6, use the journal template below to journalize the necessary closing entries at Dec. 31 then scroll down to find the template to prepare the Post Closing Trial Balance. Tiger CompanyAdjusted Trial BalanceDecember 31AccountCashAccounts ReceivablePrepaid InsuranceEquipmentAcc Depreciation- EquipmentAccounts PayableUnearned RevenueNotes PayableTiger, CapitalTiger, DrawingService RevenueAdvertising ExpenseDepreciation ExpenseSalary ExpenseInsurance ExpenseRent Expense780020009000540007001700300050001300900Debit16000142007600106001900018000Credit

Answered: Tiger Company Adjusted Trial Balance…

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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The adjusted trial balance of Tiger Company appears below. Using the information from the adjusted trail balance and the financial statements prepared in question 6, use the journal template below to journalize the necessary closing entries at Dec. 31 then scroll down to find the template to prepare the Post Closing Trial Balance.

Tiger Company
Adjusted Trial Balance
December 31
Account
Cash
Accounts Receivable
Prepaid Insurance
Equipment
Acc Depreciation- Equipment
Accounts Payable
Unearned Revenue
Notes Payable
Tiger, Capital
Tiger, Drawing
Service Revenue
Advertising Expense
Depreciation Expense
Salary Expense
Insurance Expense
Rent Expense
7800
2000
9000
54000
700
1700
3000
5000
1300
900
Debit
16000
14200
7600
10600
19000
18000
Credit

Expert Solution

Step 1: Define Closing Entries -

Closing entries are required to close the temporary accounts after making financial (Income statement and balance sheet). Temporary accounts need to be closed because some items in the financial statements are temporary in nature and will not be carried forward to the next financial year.

Closing entries are required to close these accounts.

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