The December 31, 2017, adjusted trial balance of Business Solutions (reflecting its transactions from October through December
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Required
1. Record and post the necessary closing entries for Business Solutions.
2. Prepare a post-closing trial balance as of December 31, 2017?
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No. Account Title Debit Credit $ 48,372 Cash. 101 106 Accounts receivable 5,668 126 Computer supplies 580 128 Prepaid insurance. Prepaid rent... Office equipment 1,665 131 825 163 8,000 164 Accumulated depreciation-Office equipment. 400 20,000 167 Computer equipment . Accumulated depreciation-Computer equipment. Accounts payable.. Wages payable.... 168 1,250 201 1,100 500 210 236 Unearned computer services revenue 1,500 S. Rey, Capital. S. Rey, Withdrawals. 301 73,000 7,100 302 403 Computer services revenue. Depreciation expense-Office equipment. 31,284 612 400 613 Depreciation expense-Computer equipment 1,250 623 Wages expense.. Insurance expense. 3,875 637 555 Rent expense 2,475 640 Computer supplies expense. Advertising expense.. Mileage expense... Miscellaneous expenses 652 3,065 2,753 655 676 896 677 250 1,305 684 Repairs expense-Computer Income summary.. 901 Totals.. $109,034 $109,034
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Cash Acct No 101 Date Explanation PR Debit Credit Balance Oct 1 45000 45000 2 3300 41700 5 2220 39480 8 1420 38060 15 4800 42860 17 805 42055 20 1728 40327 22 1400 41727 31 875 40852 31 3600 37252 Nov ...View the full answer
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Related Book For
Principles of Financial Accounting chapters 1-17
ISBN: 978-1259687747
23rd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
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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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