14th Edition

ISBN: 9781305653535

Author: Carl Warren, James M. Reeve, Jonathan Duchac

Publisher: Cengage Learning

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Textbook Question

Chapter 4, Problem 4.19EX

Post-closing trial balance

An accountant prepared the following post-closing trial balance:

Security Services Co. Post-Closing Trial Balance July 31, 2018
	Debit Balances	Credit Balances
Cash..............................................................	41,100
Accounts Receivable...............................................	317,400
Supplies..........................................................		5,000
Equipment........................................................		162,750
Accumulated Depreciation—Equipment.............................	73,300
Accounts Payable..................................................	82,500
Salaries Payable...................................................		5,500
Unearned Rent....................................................	12,000
Common Stock....................................................	65,000
Retained Earnings.................................................	287,950
	879,250	173,250

Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.

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Chapter 4, Problem 4.18EX

Chapter 4, Problem 4.20EX

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Chapter 4 Solutions

Corporate Financial Accounting

Ch. 4 - Prob. 1DQ Ch. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQ Ch. 4 - Prob. 4DQ Ch. 4 - Why are closing entries required at the end of an...Ch. 4 - Prob. 6DQ Ch. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQ Ch. 4 - What is the natural business year?Ch. 4 - Recent fiscal years for several well-known...

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Solution Summary: The author explains how a post-closing trial balance is prepared to prove that the balance of the permanent accounts is equal.

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