Kay Magill Company had the following adjusted trial balance. Instructions a. Prepare closing entries at June 30,
Question:
Kay Magill Company had the following adjusted trial balance.
Instructions
a. Prepare closing entries at June 30, 2020.
b. Prepare a post-closing trial balance.
Transcribed Image Text:
Kay Magill Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit $ 3,712 Cash Accounts Receivable 3,904 Supplies 480 $ 1,556 Accounts Payable Unearned Service Revenue 160 Common Stock 4,000 Retained Earnings 1,760 Dividends 628 Service Revenue 4,300 Salaries and Wages Expense 1,344 Miscellaneous Expense 256 Supplies Expense 1,900 Salaries and Wages Payable 448 $12,224 $12,224
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a Service Revenue 4300 Income Summary 4300 Income Summary 3500 Salaries and Wages Expense 1...View the full answer
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Related Book For
Financial and Managerial Accounting
ISBN: 978-1119392132
3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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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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