After posting all transactions, please calculate the ending balance for each t

$-$account. Then check your

ending balances for each of the following accounts:

Cash $$125$ Accounts Receivable $$9,000$ Accounts Payable $$11,100$

Repair Revenue $$13,800$ Interest Expense $$250$ Wages Expense $$5,000$

$****$If the ending balances do not match, complete the following steps:

$1.$ Check your math

$2.$ Verify that you have posted your transactions correctly

$3.$ Re$-$evaluate your journal entries

Part B$,$ Requirement #$6$

After posting the adjusting entries, please calculate the ending balance for each t$-$account. Then check

your ending balances for each of the following account:

Prepaid Rent $$800$ Unearned Repair Revenue $$2,000$ Accum Dep$$n Truck $$208$

Repair Revenue $$11,800$ Insurance Expense $$150$ Wages Expense $$6,500$

If the balances do not match, complete the following steps:

$1.$ Check your math

$2.$ Verify that you have posted your transactions correctly

$3.$ Re$-$evaluate your journal entries

Part B$,$ Requirement #$7$

After preparing the adjusted trial balance, the totals of the debit and credit columns should be $$32,108$

If the debit and credit column totals do not match, complete the following steps:

ACC$111$ Redesign Exam One

Directions & Check Numbers

$1.$ Check your math $($add the columns from the bottom up if you continue to get the same totals$)$

$2.$ Make sure that all accounts with general ledger balances have been moved to the adjusted trial balance

$3.$ Verify that you have each amount in the correct column

$4.$ Check each amount to ensure you have transferred the correct amount from each account

Part B$,$ Requirement #$7,$ #$8$

#$7($Income Statement$)$ Net Income $$1,617$

#$8($Statement of Changes in Equity$)$

Common Stock $$5,000$; Retained Earnings $$1,617$; Total Equity $$6,617$

#$8($Balance Sheet$)$

Total Assets $$21,717$

Total Liabilities $$15,100$

Total Stockholders$$ Equity $$6,617$

Part B$,$ Requirement #$9$

TIP:

Don$$t forget which accounts temporary and which ones are permanent. Remember, temporary

accounts must have a ZERO balance after the closing process is complete.

Post$-$Closing Trial Balance $$ Debit$/$Credit Totals $$21,925$

If the debit$/$credit total is incorrect, check the following account balances to verify that the amounts

are correct. If the amounts are not correct, go back and check your work.

Prepaid Insurance $$1,650$ Unused Supplies $$350$ Acc dep $$ Truck $$208$

Unearned repair revenue $$2,000$ Retained Earnings $$1,617$

To find errors:

$1.$ Check your math

$2.$ Verify that balances were transferred correctly

$3.$ Check that the balances were placed in the correct debit$/$credit colum

Answer rating: 100% (QA)

To address the provided requirements Ill go through each part step by step Posting Transact... View the full answer