Chapter 3, Problem 31P

The adjusted trial balance cash 26,000 for each account open a t account prepare closing entries post closing t account entries post closing trial baalnce

Wesley's Towing ServiceCorrected Trial BalanceSeptember 30, 20XX Account Title Debit Credit Cash $37,421   Accounts Receivable $970   Supplies $200   Prepaid Insurance $2,300   Equipment $10,000   Accounts Payable   $5,000 Wesley, Capital   $20,500 Wesley, Drawing $320   Repair Fees   $9,000 Wages Expense $6,500   Rent Expense $1,400   Advertising Expense $450   Utilities Expense $500   Total $58,761 $58,761   Cash: The debit balance of Cash is $37,421, as given in the problem. Accounts Receivable: The debit balance of Accounts Receivable is $970, as given in the problem. Supplies: The debit balance of Supplies is $200, as given in the problem. Prepaid Insurance: The debit balance of Prepaid Insurance is $2,300, as given in the problem. Equipment: The debit balance of Equipment is $10,000, as given in the problem. Accounts Payable: The credit balance of Accounts Payable is $5,000. This is because the problem states that a $500 payment to a creditor…

General Accounting question