The adjusted trial balance for Unser Company, owned by J. Unser, is available.

Instructions

a. Prepare closing entries.

b. Use T accounts to post the closing entries and calculate the balance in each account. (Ignore the accounts not affected by the closing entries.)

c. Prepare a post-closing trial balance.

Explain the standard classifications used in preparing a classified balance sheet.

Transcribed Image Text:

UNSER COMPANY Adjusted Trial Balance December 31, 2021 Debit Credit Cash $ 5,300 Accounts receivable 10,800 Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Notes payable Accounts payable Salaries payable J. Unser, capital J. Unser, drawings 1,500 2,000 27,000 $ 5,600 15,000 6,100 2,400 13,600 7,000 Service revenue 61,000 8,400 4,000 Advertising expense Supplies expense Depreciation expense Insurance expense Salaries expense Interest expense 5,600 3,500 28,000 600 $103,700 $103,700