The adjusted trial balance of Erickson Real Estate Appraisal at June 30, 2023, follows: Required 1. Journalize
Question:
The adjusted trial balance of Erickson Real Estate Appraisal at June 30, 2023, follows:
Required
1. Journalize the closing entries.
2. Open the T-accounts using the balances from the adjusted trial balance and post the closing entries to the T-accounts.
3. Prepare the company’s post-closing trial balance at June 30, 2023.
ERICKSON REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2023 Account Title Cash Accounts receivable Office supplies Prepaid insurance Land Building Accumulated amortization-building Accounts payable Interest payable Salaries payable Unearned revenue Notes payable (long-term) E. Erickson, capital E. Erickson, withdrawals Service revenue Insurance expense Salaries expense Supplies expense Interest expense Utilities expense Amortization expense-building Total Debit $ 4,600 5,300 1,500 1,700 13,000 82,000 27,300 4,400 33,500 300 8,500 2,700 8,200 $193,000 Credit $ 25,200 18,700 8,500 2,400 7,600 40,000 42,500 48, 100 $193,000
Step by Step Answer:
Journalize the closing entries Closing entries are made to transfer the temporary account balances revenue expense and withdrawals to the permanent ca...View the full answer
Horngrens Accounting Volume 1
ISBN: 9780136889373
12th Canadian Edition
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura
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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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