The adjusted trial balance for Unser Company, owned by J. Unser, is as follows: Instructions a. Prepare
Question:
The adjusted trial balance for Unser Company, owned by J. Unser, is as follows:
Instructions
a. Prepare closing entries.
b. Use T accounts to post the closing entries and calculate the balance in each account.
c. Prepare a post-closing trial balance.
Taking It Further
Explain the standard classifications used in preparing a classified balance sheet.
Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Notes payable Accounts payable Salaries payable J. Unser, capital J. Unser, drawings Service revenue UNSER COMPANY Adjusted Trial Balance December 31, 2024 Advertising expense Supplies expense Depreciation expense Insurance expense Salaries expense Interest expense Debit $ 11,240 12,500 1,600 3,600 36,000 18,000 7,600 3,200 4,000 1,200 16,200 660 $115,800 Credit $ 12,000 22,000 5,200 3,300 18,000 55,300 $115,800
Step by Step Answer:
a b c Taking It Further A classified balance sheet groups to...View the full answer
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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
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