Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that would result after all closing
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Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that would result after all closing journal entries were made and posted:
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Adjusted Trial Balance Debit Cash Accounts Receivable Accounts Payable Unearned Revenue Common Stock Retained Earnings Dividends Service Revenue Advertising Expense Rent Expense Utilities Expense Wages Expense $ 8,625 11,600 2,000 2,500 18,000 12,000 75,000 $129,725 Credit $ 8,450 1,500 10,000 12,275 97,500 $129,725
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The PostClosing Trial Balance is a statement showing the balances of all permanent accounts after ...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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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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