Accounting Cycle Tutorial Step 10: Prepare the post-closing Trial Balance PROVE MASTERY: Prepare the Post-closing Trial Balance Prove your mastery! Your results will report to the gradebook. If you are not ready to submit work for a grade, you can try activities again or attempt the Practice Mastery. Your work will be saved as you work through each part. PROVE MASTERY: 3 PARTS ooo Verify all ending balances for each specific account after closing entries are journalized and posted. Be sure to enter all zero balances on the normal balance side and enter balances for permanent accounts! Bright, Capital Income Summary Dec. 31 18.200 47.300 Adj. Bal Dec. 31 9.000 15,100 Dec. 31 6,800 Dec. 31 6,100 Bal Dec 31 6.100 Prepaid Rent Service Revenue Dec. 31 14,300 Dec 31 19,000 19,000 Ad). Bal. Salaries Expense Bright. Withdrawals Adj, Bal 400 400 Dec. 31 Adj. Bal 7.300 7.300 Dec 31 Accounts Payable 1,400 Dec. 31 2 Ooo Fill out the Post-Closing Trial Balance as of December 31, 2016 date using the given information in the T-accounts. Enter accounts in Chart of Accounts order. Prepaid Insurance Dec 31 2.200 SMART TOUCH LEARNING Post-Closing Trial Balance December 31, 2016 Bal 2,200 Balance Account Title Debit Credit Bright, Capital Cash 11,400 11,000 Dec 31 Accounts Receivable 7,600 11,000 Bal Prepaid Insurance Furniture 13,400 Salaries Payable Accumulated Depreciation--Furniture 4.500 1,600 Dec. 31 Accounts Payable 6,100 1,600 Bal Salaries Payable Unearned Revenue 11,400 Bright, Capital Total 34,600 34,600 3 Using the post-closing trial balance, calculate the total assets, liabilities, and equity, and enter those amounts in the basic accounting equation. SMART TOUCH LEARNING Post-Closing Trial Balance December 31, 2016 Balance Debit Credit Account Title Cash 36,700 Accounts Receivable 7,000 Office Supplies 400 3 Using the post-closing trial balance, calculate the total assets, liabilities, and equity, and enter those amounts in the basic accounting equation. SMART TOUCH LEARNING Post-Closing Trial Balance December 31, 2016 Balance Debit Credit Account Title Cash 36,700 Accounts Receivable 7,000 Office Supplies 400 Prepaid Insurance 12,200 Prepaid Rent 12 200 Furniture 43,100 Accumulated Depreciation-Furniture 14,600 Accounts Payable 19,500 Salaries Payable 2,900 Utilities Payable 1,400 Interest Payable 1,900 Unearned Revenue 37,000 Bright, Capital 34,300 Total 111,600 111,600 Assets Liabilities Equity + SUBMIT FOR GRADE This is your last remaining attempt