Explanation Trial balance Trial balance is the tabular presentation of all debit and credit balances of accounts; debit and credit sides of trial balances are equal due to double entry system of preparation of accounts. Post closing trial balance: Particulars Debit($) Credit($) Cash 833,000 Accounts Receivable 179,000 Accounts Payable 150,500 Note Payable 80,000 Unearned service revenue 12,000 Prepaid Insurance 13,000 Equipment 350,000 Common Stock 1,000,000 Supplies 83,000 Accumulated depreciation 30,000 Wages payable 24,000 Prepaid rent 30,000 Retained earnings 191,500 Total 1,488,000 1,488,000 Table (1) Working Notes: Computation of Post closing trial balance: Particulars Debit($) Credit($) Cash 833,000 Accounts Receivable 179,000 Accounts Payable 150,500 Note Payable 80,000 Unearned service revenue 12,000 Prepaid Insurance 13,000 Equipment 350,000 Common Stock 1,000,000 Supplies 83,000 Accumulated depreciation 30,000 Wages payable 24,000 Prepaid rent 30,000 Retained earnings 191,000 Dividends ( 12 , 000 − 12 , 000 ) Sales ( 1 , 000 , 500 − 1 , 000 , 500 ) Wages ( 320 , 000 − 320 , 000

Intermediate Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (2nd Edition)

2nd Edition

ISBN: 9780134833118

Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

Publisher: PEARSON

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Chapter 4, Problem 4.24E

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To prepare: The post closing trial balance.

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Chapter 4, Problem 4.23E

Chapter 4, Problem 4.1P

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Chapter 4 Solutions

Intermediate Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (2nd Edition)

Ch. 4 - Prob. 4.1Q Ch. 4 - ShoeBuy uses reversing entries for events such as...Ch. 4 - What is equity? What are the three components of...Ch. 4 - Prob. 4.4Q Ch. 4 - Will all transactions have a dual effect on the...Ch. 4 - Prob. 4.6Q Ch. 4 - What is meant by the term normal balance? Provide...Ch. 4 - Why is the general journal referred to as the book...Ch. 4 - Are account balances found in the general ledger?...Ch. 4 - What is the purpose of an unadjusted trial...

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The post closing trial balance .

Solution Summary: The author explains that the post closing trial balance is the tabular presentation of all debit and credit balances of accounts.

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