The adjusted trial balance for Hercules Company is presented below.

Instructions

a. Prepare the closing entries.

b. Prepare T accounts for the accounts aff ected by the closing entries. Post the closing entries.

c. Prepare a post-closing trial balance at August 31, 2021.

Transcribed Image Text:

HERCULES COMPANY Adjusted Trial Balance August 31, 2021 Debit Credit Cash $10,900 Accounts receivable 6,200 Equipment Accumulated depreciation-equipment Accounts payable Unearned revenue 10,600 $ 5,400 2,800 1,200 S. Strong, capital S. Strong, drawings Service revenue 31,700 12,000 42,400 6,100 Rent revenue Depreciation expense Salaries expense Utilities expense 2,700 37,100 10,100 $89,600 $89,600