Prepare: Unadjusted trial balance, adjusting journal entries, t$-$accounts after adjusting journal entries, adjusted trial balance, financial statements, closing journal entires, t$-$accounts after closing journal entries, post closing trial balanceThe post$-$closing trial balance for Wilson Corp., a retailer, at December $31$ of Year $1$ follows.

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The post-closing trial balance for Wilson Corp., a retailer, at December 31 of Year 1 follows. Acct. No. 101 Cash Account 102 Accounts receivable 103 Allowance for doubtful accounts 104 Inventory (perpetual inventory system) 105 Prepaid Insurance (20 months remaining) 200 Equipment (20-year estimated life, no residual value) 201 Accumulated depreciation-Equipment 300 Accounts payable 301 Salaries payable 302 Income taxes payable (for Year 1) 400 Common stock, par $1 401 Retained earnings 500 Sales 600 Cost of goods sold 601 Operating expenses 602 Income tax expense 700 Income summary Totals Debit Credit $27,000 21,000 35,000 900 50,000 $1,000 22,500 7,500 4,000 80,000 18,900 $133,900 $133,900 The following transactions occurred during Year 2 in the order shown (use the number at the left in place of a date). The post-closing trial balance for Wilson Corp., a retailer, at December 31 of Year 1 follows. Acct. No. 101 Cash Account 102 Accounts receivable 103 Allowance for doubtful accounts 104 Inventory (perpetual inventory system) 105 Prepaid Insurance (20 months remaining) 200 Equipment (20-year estimated life, no residual value) 201 Accumulated depreciation-Equipment 300 Accounts payable 301 Salaries payable 302 Income taxes payable (for Year 1) 400 Common stock, par $1 401 Retained earnings 500 Sales 600 Cost of goods sold 601 Operating expenses 602 Income tax expense 700 Income summary Totals Debit Credit $27,000 21,000 35,000 900 50,000 $1,000 22,500 7,500 4,000 80,000 18,900 $133,900 $133,900 The following transactions occurred during Year 2 in the order shown (use the number at the left in place of a date).

Answer rating: 100% (QA)

1 Unadjusted Trial Balance Acct No Account Debit Credit 101 Cash 21000 102 Accounts receivable 27000 103 Allowance for doubtful accounts 1000 104 Inventory perpetual inventory system 35000 105 Prepaid ... View the full answer