Assuming the following Adjusted Trial Balance, re-create the Post-Closing Trial Balance that would result after all closing
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Assuming the following Adjusted Trial Balance, re-create the Post-Closing Trial Balance that would result after all closing journal entries were made and posted:
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Adjusted Trial Balance Cash Accounts Receivable Supplies Prepaid Insurance Salaries Payable Common Stock Retained Earnings Dividends Service Fee Revenue Salaries Expense Supplies Expense Insurance Expense Debit $ 5,450 4,700 250 1,250 1,400 9,050 1,000 600 $23,700 Credit $ 650 5,000 750 17,300 $23,700
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Answer CLASSIFIED BALANCESHEET Assets Current assets Cash 5450 Account receivables 47...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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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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