The following post-closing trial balance was prepared for Sepia Studios, Inc., but some balances were entered in
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The following post-closing trial balance was prepared for Sepia Studios, Inc., but some balances were entered in the wrong column. Prepare a corrected post-closing trial balance. Assume all accounts have normal balances and the amounts are correct.
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Sepia Studios, Inc. Post-Closing Trial Balance January 31, 2018 ACCOUNT DEBIT CREDIT $ 8,700 Cash Accounts Receivable 12,200 $ 1,700 50,000 Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable 5,000 7,300 1,200 Unearned Service Revenue 3,000 Common Stock 30,000 Retained Earnings 26,100 $62,300 $ 82,900 Total
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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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