Compare and Contrast the Post-Closing Trial balance and the Balance Sheet Using the post-closing trial balance, calculate the total assets, liabilities, and equity, and enter those amounts in the basic accounting equation. Activity 3.a - Compare and Contrast the Post-Closing Trial balance and the Balance Sheet Using the post-closing trial balance, calculate the total assets, liabilities, and equity, and enter

 Compare and Contrast the Post-Closing Trial balance and the Balance Sheet

Using the post-closing trial balance, calculate the total assets, liabilities, and equity, and enter

those amounts in the basic accounting equation.

 

Transcribed Image Text:

Activity 3.a - Compare and Contrast the Post-Closing Trial balance and the Balance Sheet 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 Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Prepaid Rent Furniture Accumulated Depreciation Furniture Accounts Payable Salaries Payable Balance Debit 38.200 7,300 500 12,700 12,700 44,900 Credit 15,300 20,400 3,000 1,500 HINT

Expert Answer

Assets = Liabilities + Equity $89,700 = $58,000 + $ View the full answer