Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that would result, after all closing
Question:
Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that would result, after all closing journal entries were made and posted:
Transcribed Image Text:
Adjusted Trial Balance Cash Prepaid Insurance Fixed Assets Notes Payable Common Stock Retained Earnings Dividends Sales Revenue Automobile Expense Insurance Expense Salaries Expense Supplies Expense Debit $ 22,900 4,000 44,000 22,000 26,500 20,000 122,500 1,450 $263,350 Credit $ 40,000 25,000 48,350 150,000 $263,350
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 33% (6 reviews)
Answer Step 1 To determine Concept introduction Post closing trail balances are showing balance afte...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Related Video
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
Students also viewed these Business questions
-
The following adjusted trial balance data are for Novasco Manufacturing Corporation as at December 31, 2011. Required: Prepare a classified statement of financial position for Novasco Manufacturing...
-
The following adjusted trial balance of Schneider Consulting, Inc. was prepared for the year ended December 31, 2009. Required: (a) Prepare an income statement for the year ended December 31, 2009....
-
The Sky Blue Corporation has the following adjusted trial balance at December 31. Prepare an income statement for the year ended December 31. How much net income did the Sky Blue Corporation generate...
-
A stream of particles of one size are 80% converted (SCMIash diffusion control, uniform gas environment) on passing through a reactor. If the reactor is made twice the size but with the same gas...
-
The following graph represents a natural monopoly: a. Why is this firm considered a natural monopoly? b. If the firm is unregulated, what price and output would maximize its profit? What would be its...
-
A Carnot engine is coupled to a Carnot refrigerator so that all of the work produced by the engine is used by the refrigerator in extraction of beat from a heat reservoir at 0C at the rate of 35 kJ...
-
Consider the output of a regression using one explanatory variable on \(n=3\) observations. The residuals and leverages are: Compute the PRESS statistic. i 1 2 3 Residuals ei Leverages hi 3.181...
-
Svedin Incorporated provides the following information relating to 2011: Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,650...
-
Part 1: Storage Devices Using the Internet and other credible sources, research solid-state drives in the market. From your findings and your prior knowledge, compare and contrast the differences...
-
Patriot Co. manufactures flags in two sizes, small and large. The company has total fixed costs of $240,000 per year. Additional data follow. The company is considering buying new equipment that...
-
Identify whether each of the following accounts would be listed in the companys Post-Closing Trial Balance. A. Accounts Payable B. Advertising Expense C. Dividends D. Fees Earned Revenue E. Prepaid...
-
What are the four entries required for closing, assuming that the Income Summary account is used?
-
A variable-speed motor is rigidly attached to beam BC. The rotor is slightly unbalanced and causes the beam to vibrate with a frequency equal to the motor speed. When the speed of the motor is less...
-
What does the CICA Handbook consider a reasonable upper limit for the number of segments to disclose?
-
The following letter requests information, but its disorderly and illogical presentation makes the reader work too hard to comprehend what is being requested. Based on what you have learned in this...
-
What recommendation does the CICA Handbook make regarding the financial statement disposition of translation gains or losses for integrated foreign operations? Why?
-
What mental strategies are involved in solving complex word problems?
-
What are the major specialties in the field of psychology?
-
Refer to Exercise 11-13 and the system shown in Figure 11-10. Suppose that component B is a standby component. Find the reliability of the system after 1000 hours. What is the mean time to failure? D.
-
Which of the followingcarbocations is the least stable? CH3CH2 . CH3CHCH3 CH3 I . CH3C0 T CH3 IV. V. CH3 CH3CCH2 CH3
-
A marketing manager is considering opportunities to export her firms current consumer products to several different countries. She is interested in getting secondary data that will help her narrow...
-
The marketing manager for Audiotronics Software Company is seeking new market opportunities. He is focusing on the voice recognition market and has narrowed down to three segments: the Fearful...
-
Explain what is meant by a hierarchy of needs and provide examples of one or more products that enable you to satisfy each of the four levels of need.
-
You are a vice president of human resources at a local hospital with several direct reports overseeing the company benefits. As the workforce demands change, so should the benefits be offered. As a...
-
Hiring decisions are more complex today than ever before. Not only is the cost to hire an employee expensive, but so is the cost of training and development. Discuss.
-
HRIS is vulnerable to security threats and physical threats, explain and give examples on physical threats
Study smarter with the SolutionInn App