MY Autobody?s adjusted trial balance on December 31, 2020, appears in the work sheet as follows: Required
Question:
MY Autobody?s adjusted trial balance on December 31, 2020, appears in the work sheet as follows:
Required
1. Prepare closing entries.
2. Prepare the post-closing trial balance at December 31, 2020.
Transcribed Image Text:
No. Account Debit Credit 101 Cash 28,000 124 Shop supplies 1,800 128 Prepaid insurance. 4,200 88,000 167 Equipment. $ 7,500 Accumulated depreciation, equipment. 168 Accounts payable. 19,000 201 210 Wages payable. 8,860 301 Mike Yang, capital.. 140,000 302 Mike Yang, withdrawals. 36,000 401 Repair revenue. 157,630 612 Depreciation expense, equipment. 8,500 623 104,500 Wages expense.. Insurance expense 637 1,900 640 Rent expense. 52,350 Office supplies expense 650 4,800 690 Utilities expense. 2,940 $332,990 $332,990 Totals..
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Part 1 2020 Closing entries Dec 31 Repair Revenue 157630 Income Summary 157630 To ...View the full answer
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Related Book For
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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