Part 10:

The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts.

Note: You must complete parts 1, 2, 3, 4, 6, 7, 8 and 9 before completing part 10. Part 5 is optional.

Prepare a post-closing trial balance. If an amount box does not require an entry, leave it blank.

Kelly Consulting Post-Closing Trial Balance May 31, 20Y8
Account Title	Debit Balances	Credit Balances
Accounts PayableAccumulated DepreciationCashCommon StockSalary Expense	fill in the blank 2	fill in the blank 3
Accounts ReceivableAccumulated DepreciationKelly Pitney, DrawingRent ExpenseSalaries Payable	fill in the blank 5	fill in the blank 6
Fees EarnedMiscellaneous ExpenseSuppliesSupplies ExpenseUnearned Fees	fill in the blank 8	fill in the blank 9
Accumulated DepreciationCommon StockPrepaid RentRent ExpenseSalaries Payable	fill in the blank 11	fill in the blank 12
Accounts PayableInsurance ExpenseKelly Pitney, DrawingPrepaid InsuranceUnearned Fees	fill in the blank 14	fill in the blank 15
Accumulated DepreciationCommon StockOffice EquipmentSalaries PayableSupplies Expense	fill in the blank 17	fill in the blank 18
Accounts ReceivableAccumulated DepreciationCashDepreciation ExpenseOffice Equipment	fill in the blank 20	fill in the blank 21
Accounts PayableCashKelly Pitney, DrawingOffice EquipmentRent Expense	fill in the blank 23	fill in the blank 24
Accounts ReceivableFees EarnedOffice EquipmentSalaries PayableSalary Expense	fill in the blank 26	fill in the blank 27
CashFees EarnedMiscellaneous ExpenseOffice EquipmentUnearned FeesOffice Equipment	fill in the blank 29	fill in the blank 30
Accounts PayableCommon StockInsurance ExpenseOffice EquipmentPrepaid RentInsurance Expense	fill in the blank 32	fill in the blank 33
Accounts PayableInsurance ExpenseOffice EquipmentPrepaid RentRetained EarningsRetained Earnings	fill in the blank 35	fill in the blank 36
	fill in the blank 37	fill in the blank 38

Feedback Area

Feedback

Recall that the purpose of a post-closing trial balance is to verify that the ledger is in balance at the beginning of the next period. If temporary or nominal accounts have been accurately closed out, only permanent balance sheet accounts will remain and should agree with the accounts and amounts listed on the end of period balance sheet. Remember to compare the post-closing trial balance with the balance sheet.