The following post-closing trial balance was prepared for Photo Finish, Inc. Prepare a corrected post-closing trial balance.
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The following post-closing trial balance was prepared for Photo Finish, Inc. Prepare a corrected post-closing trial balance. Assume all accounts have normal balances and the amounts arecorrect.
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Photo Finish, Inc. Post-Closing Trial Balance July 31, 2012 ACCOUNT Cash Accounts Receivable Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Total DEBIT CREDIT $10,250 13,200 S 1,700 23,000 5,000 4,700 15,000 $$44400 5,200 3,000 15,250 $51.900
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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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