The following adjusted trial balance is for Mayflower Moving Service at December 31, 2018. REQUIRED: a. Prepare
Question:
The following adjusted trial balance is for Mayflower Moving Service at December 31, 2018.
REQUIRED:
a. Prepare closing entries in journal entry form.
b. After its closing entries are posted, what is the post-closing balance for the Retained Earnings account?
c. Prepare Mayflower's post-closing trial balance.
MAYFLOWER MOVING SERVICE Adjusted Trial Balance December 31, 2018 Debit Credit Cash.... .. Accounts receivable.. Supplies ... Prepaid advertising. Trucks...... Accumulated depreciation-trucks. Equipment .. Accumulated depreciation-equipment Accounts payable... . .. Service contract liabilities.. Common stock... Retained earnings Service fees revenue. Wages expense . Rent expense. Insurance expense. Supplies expense.. Advertising expense. Depreciation expense-trucks... Depreciation expense-equipment $ 3,800 5,250 2,300 3,000 28,300 .... ... ... ... .... $ 10,000 ... 7,600 2,100 1,200 2,700 5,000 15,550 72,500 29,800 10,200 2,900 5,100 6,000 4,000 800 ..... ..... ... .. Totals.. $109,050 $109,050
Step by Step Answer:
a b The balance in Retained Earnings after closing entries are posted is 29250 credit 15550 137...View the full answer
Financial Accounting
ISBN: 9781618533111
6th Edition
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman
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